Regional contractor sees income jump despite continuing to turn down work in order not to take on problem jobs

Regional contractor Stepnell said turnover went up last year despite the firm saying it had continued to turn down work which didn’t fit in with its business strategy.

The firm, which is based in Rugby, Warwickshire, has tightened up its controls over the past few years after being forced to restate 2019 profits after problem jobs sent it from a £1.1m pre-tax profit to a £29m loss in the 12 months to March that year.

In its latest set of figures, for the year to March 2024, the firm said income during the period was up 16% to £109m “slightly below our planned budget”.

Tom Wakeford, managing director at Stepnell

The demerged construction business will continue to be led by Tom Wakeford

It said this was down in part to economic conditions and also “declining opportunities which did not meet our criteria to trade”.

Pre-tax profit was down 18% to just over £1m although cash in hand was up 14% to £3.2m, the accounts now filed at Companies House show.

The firm is part of the wider Stepnell Group, that also includes property management and investment businesses, which is planning to demerge by the start of next year.

Stepnell’s contracting arm, Stepnell Ltd, will continue to be led by Tom Wakeford, a member of the Wakeford family which set up the business nearly 120 years ago.

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