Category: Corporate
REFLECTING continued improvement, successful 2023/24 financial results have been reported by complete construction partner, Stepnell Limited.
The business, which operates regionally from offices in Nottingham, Rugby, Wantage, Bristol, Southampton and Poole, posted profits in excess of £1m with turnover increasing by more than 15% in the period.
This success, within a period of economic instability in the construction market, was attributed to a continued focus on overall business strategy and operational performance, including comprehensive project programming and change control measures to increase business efficiency.
The business places early engagement as a core client priority, facilitating budget transparency and creating a collaborative, well managed and successful working environment for all parties.
Looking ahead, Stepnell has already secured 90% of its 2024/25 planned revenue budget – a ten per cent increase from last year – citing frameworks and repeat business as the principal sources of its workload.
Tom Wakeford, managing director, said: “Our latest performance has seen us consolidate our position through improved performance across a range of key indicators. The increase in turnover is a demonstration of planned growth in targeted areas and progress across the business, despite the prevailing market challenges.
“High interest rates continue to affect projects starting on site as client budgets come under pressure. Transparency over budgets is absolutely critical in this regard, creating and nurturing positive relationships that improve client and project outcomes.
“Where we are engaged early on a project, we see a far greater probability that the scheme will progress as we are able to provide early budget advice, identify and address technical problems, and deliver value-led solutions for clients and their communities.
“We operate with a healthy project pipeline, our property portfolio remains strong, and we continue to secure placement on key industry public sector frameworks. This facilitates continual improvement of our offering to our clients and the supply chain we work with.”
Social value is a key performance indicator for Stepnell, with social value managers in place across its regional business units. ESG practices and a strong focus on internal culture remain key drivers for the firm’s development.
Tom added: “We’re finding enhanced governance and selectivity at all levels is allowing us to recognise and manage significant business risks that are typically associated with lowest price single stage tendering.
“We are now accredited to ISO 50001 and Investors in People Gold, recognised as a Sunday Times Best Places to Work 2024 and hold a seventh consecutive win under the ‘Gold’ RoSPA Award. Stepnell has also achieved a Net Promotor Score (NPS) of 61, which is in the upper quartile for UK construction businesses.”
The publishing of its strong financial performance for YE 2024 follows agreement by shareholders to demerge the Stepnell Group – splitting the construction, property management and property investment elements of the business.
Stepnell aims to conclude the demerger in January 2025, whereupon Tom Wakeford will continue to lead Stepnell Ltd, the construction business with its existing leadership team and Step Energy, its decarbonisation & renewables business.
