Seddon Construction returns to profit

Aaron Morby 2 years ago
Share

Seddon Construction has rebounded into profit again after suffering a loss of £2.4m during the height of the Covid pandemic.

Jonathan Seddon said the firm was maintaining a conscious limit on the number of large-scale general construction projects it undertakes
Jonathan Seddon said the firm was maintaining a conscious limit on the number of large-scale general construction projects it undertakes

The recovery last year followed a strategic decision to maintain a sizeable pre-construction and bid resource during the Covid lockdowns.

This paid off as pre-tax profit recovered to £2.1m after revenue jumped 27% to £166m last year.

CEO Jonathan Seddon said: “Our pipeline of work remained strong throughout 2021, which supported the company ethos to maintain a stable overhead base, but we continued to face many delays in moving projects forward into the construction phase, particularly with an uncertain supply chain.”

The Bolton-based builder said it was maintaining a conscious limit on the number of large-scale general construction projects it undertakes in the present inflationary climate.

To improve risk management, the construction business is targeting a more diverse workload with an increased focus on property services, painting and maintenance work together with further growth of the established social housing arm.

Last month Seddon Construction secured its first major tender success on the Sellafield nuclear clean-up project.

The long-term key delivery partner deal will see Seddon deliver building fit-out requirements across the site under a 17-year deal worth around £175m.

The framework includes general construction activities such as: internal walls, ceilings, screeding, flooring, painting and joinery.

Meanwhile over last year construction headcount slipped 6% to 513 staff.

Across the wider Seddon Group, pre-tax profit rose to £8.5m from £7m, after revenue edged up to 5% to £210m.

At the year-end Seddon had cash of nearly £16m – down from £33m previously – and undrawn bank facilities totalling £3m.

 

Latest news

Plan lodged for tallest skyscraper outside London

Developer Salboy submits plan for 76-storey Manchester resi tower
12 hours ago

Curo starts £170m race for new homes framework

Bath housing association plans to build up to 300 homes a year
12 hours ago

Gove approves major Cambridge North mixed-use scheme

Government backs controversial scheme of 424 flats and 600,000 sq ft of tech and lab space
13 hours ago

Pontins holiday park to house Sizewell C builders

Suffolk holiday park to house 500 nuclear construction workers
13 hours ago

Adrian Bloor targets 1,000 homes-a-year

Expansion plans after major investment into challenger house building business HarperCrewe
12 hours ago

Housing firm fined £528,000 after cable strike

Maintenance workers given no information on underground services
13 hours ago

Berkeley subbies face six weeks without payments

Introduction of new finance software means payment hiatus for suppliers
2 days ago

Pagabo reveals 56 winners of latest £1.6bn retrofit deal

Decarbonisation Solutions Framework launched: Full list of winners
2 days ago

Go-ahead for £100m Liverpool Love Lane flats

500-flat scheme will be built across four blocks in Vauxhall area of city
2 days ago

Unions win HS2 site access battle at Old Oak Common job

Skanska, Costain, Strabag JV now the last denying unions access to HS2 sites
1 day ago

Contractors jack 1,100t viaduct into place in 13-hour operation

158m-long composite deck structure jacked into place 10-hours ahead of schedule
2 days ago

Wates wins former Daily Mail printworks transformation

British Land advances major cultural venue at London’s Canada Water
2 days ago

Mace poaches Ramboll chief to be Head of Engineering

Martin Feakes will develop civil and structural engineering offer at Mace
2 days ago

Subcontractors form alliance for major civils jobs

Trio of specialists join forces to collaborate and offer Tier 1 contractors a turnkey solution
3 days ago

Fear of supply chain failures boosting collaboration

Procurement survey also reveals project bank account use is rising
3 days ago

Wates sets up business to target 160,000 mouldy social homes

Healthy Homes service will be offered to social landlords across England
3 days ago

Higgins wins £75m Peabody Passive House job

Latest phase of Deptford Landings to start construction
3 days ago

Contractors and unions agree Sizewell C working deal

New deal offers improved sick pay and parental leave over Hinkley Point deal
3 days ago

Competition chiefs win legal fight for more construction raids

High Court rules CMA officials can raid a domestic property as part of investigation
3 days ago

More Osborne companies file administration notices

Three more divisions lodge notices with court
4 days ago

McLaren wins multi-storey urban logistics contract

South London win with British Land is pioneering urban logistics hub
4 days ago

Big social housing schemes at risk over funding uncertainty

Housing associations warn uncertainty over public funding beyond 2026 is curbing new schemes
4 days ago

Kier wins Worcestershire town centre renewal

Firm secures Bromsgrove commercial and cultural hub project
4 days ago

BAM signs Kent school contract at £42m

Sevenoaks school rebuild signed off at £8m more than first estimates
4 days ago

RG Group signs £121m Newcastle rental homes job

Developer Olympian Homes advances 519 flats plan at Pottery Lane site
6 days ago

Geoffrey Osborne files administration notice

Contractor in talks to save parts of the business
7 days ago

Winners named for £260m Manchester Uni framework

B&K, Henry Bros, Graham, Robertson and Vinci among new line-up
7 days ago

Shed specialist Benniman rides out market lull

Worcestershire warehouse builder says industrial and logistics work is picking up again
7 days ago

Another contractor cleared after high profile immigration raid

Adana Construction employees were working legally on site swooped on by Home Office
7 days ago

McAleer & Rushe wants to meet new London suppliers

Contractor holding Meet the Buyer event in London: Register now
7 days ago

Contractor services