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Turnover fell to £144.4m (2023: £160.7m) in the year to December 2024 but profit before tax improved top £6.1m (2023: £4.6m).

Gross margin improved from 7.6% in 2023 to 10.0% in 2024. This was attributed to improved project selection, continuing the recovery from its loss-making year in 2022.

Seddon Construction is the largest part of the group, generating revenue of £137.6m (2023: £157.0m) and making a pre-tax profit of £2.3m (2023: £200k). Seddon Developments made a rofit of £600k in 2024, with £1.1m coming from property investments and £300k from the Circle Recycling subsidiary.

Chief executive Jonathan Seddon wrote in the latest annual report: “Turnover in our contracting businesses was adversely impacted by the earlier than expected general election and subsequent change of government, which paused and delayed a number of large public sector opportunities that had formed part of our expected workload for the year. In addition, from a risk-management perspective, we continue to apply a high degree of selectivity around the projects that we target to ensure a diverse workload that is best suited to our delivery strengths,”

In 2024 administrative costs increased to £14.3m, up from £11.9m in 2023, on the back on investment in the Circle Recycling business to support its growth, and the costs associated with refurnishing the head office in Bolton.

Year-end net assets totalled £49.5m (2023: £45.6m).

“Despite volatile conditions over the last five years, a combination of financial strength and liquidity has provided the group with the confidence to continue to invest in the future as we seek to maintain a competitive advantage in what is a challenging period for the industry,” Jonathan Seddon concluded.

Despite the fall in turnover, the results for 2024 represent the continuation of a rebound that started in 2023. In 2022 Seddon Construction had made a pre-tax loss of £15m, with the group down £13m.

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