Latest results at Stepnell Limited for the year to March 31 2024 show turnover up to £108.8m from £93.7m last time as pre-tax profits fell to £1.04m from £1.27m.

The business, which operates regionally from offices in Nottingham, Rugby, Wantage, Bristol, Southampton and Poole, is looking to complete its demerger plans by January.

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.”

Following the demerger Wakeford will continue to lead Stepnell Ltd with its existing leadership team and Step Energy, its decarbonisation and renewables business.