Turnover fell to آ£144.4m (2023: آ£160.7m) in the year to December 2024 but profit before tax improved top آ£6.1m (2023: آ£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 آ£137.6m (2023: آ£157.0m) and making a pre-tax profit of آ£2.3m (2023: آ£200k). Seddon Developments made a rofit of آ£600k in 2024, with آ£1.1m coming from property investments and آ£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,â€
In 2024 administrative costs increased to آ£14.3m, up from آ£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 آ£49.5m (2023: آ£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 آ£15m, with the group down آ£13m.
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