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Rugby-based Stepnell has posted financial results largely unchanged from the previous year, with marginal growth in turnover and profits.

For the year to 31st March 2025 turnover increased to £112m, up from £109m in 2024, but is projecting to hit £140m in the current year.

Pre-tax profit was also largely unchanged at £1,046,000 (2024: £1,039,000).

These results are the first following the contractor’s demerger last autumn, which placed chief executive Tom Wakeford and his immediate family in sole ownership of the business. [See previous report here.]

Alongside the opening of a new regional base in Liverpool, Stepnell has been bolstered during the year by high levels of repeat business, several senior hires and increased investment in directly owned plant to reduce the cost of its construction operations.

Chief executive Tom Wakeford said: “I am really pleased with where Stepnell is. We are ambitious and are currently focusing on setting longer term plans for the business. The organisation is in a strong position heading into 2026, with 96% of its planned revenue being secured by August.

“We can rightly be proud of Stepnell’s performance over the most recent reporting period. This ever-improving position is indicative of our ongoing focus in making sure we are the right construction partner for each new scheme we take on, and our experience has shown that the earlier we are engaged on a project, the greater the probability the scheme will be a success for both us and our client.

“We’re proud to say that more than three-quarters of our work is with repeat clients where our previous projects have exceeded their expectations, a key driver being our ongoing focus on delivering excellent engagement.”

He concluded: “Overall, the results are pleasing, 2024/25 has been an opportunity to continue to build on our strong reputation and solid foundations, which provide an exciting opportunity for growth. With the demerger completed, positive framework renewals, a significantly improved cash position and a strong pipeline of work, the business is well positioned for the coming years.”

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