Bolton-based contractor Seddon has reported improved profit and turnover in its latest financial results.
The contractor saw pre-tax profit more than double to £5.1m for the year to 31 December 2016, up from £2.5m a year earlier.
Turnover also rose 22.1 per cent over the period to hit £209.9m, up from £171.8m in its previous results.
As of 31 December, the firm had also secured 79 per cent of its budgeted contracting work for the year and had completed 64 per cent of its contracting work with repeat customers.
Seddon’s construction division, which makes up £152.3m of the group’s total turnover, returned to the black in 2016 with a pre-tax profit of £1m, compared with a pre-tax loss of £2.2m in its 2015 results.
Seddon Group chief executive Jonathan Seddon said: “We’re obviously delighted that Seddon has returned to profit following a challenging few years for the industry.
“What’s even more pleasing is we’re seeing the benefits of structural changes, in particular empowering our regional directors and the influence of Managing Director Peter Jackson.
“These results are a vindication of Seddon’s emphasis on investing in customer relationships and our people, and we will continue to seek to develop repeat custom from long-term partnerships.”
Turnover also rose at the company’s housing division, Seddon Homes, by 11 per cent from £39.4m to £43.5m, despite a 9 per cent dip in the value of new homes sold.
The group’s healthcare and commercial property business reported a combined pre-tax profit of £2.4m, down from £3.1m a year earlier.
Interview: Jonathan Seddon
Seddon Construction’s chairman on getting the job done, making a profit and turning down bags of money: read our exclusive interview with Jonathan Seddon here.
The publication of the results follows a series of major changes at the business over the past six months.
In November 2016, the company announced plans to restructure its Midlands business to deliver £80m of work in 2017.
The Midlands arm has been split into two units – one covering construction and the other housing – with each aiming to turn over £50m.
Seddon has also promoted chief operating officer Peter Jackson to the newly created role of managing director, as revealed by CN in March this year.
Current MD Jonathan Seddon has stepped up to become chairman of Seddon Construction, in addition to his role as chief executive of Seddon Group, following Mr Jackson’s appointment.