Seddon Group is planning to invest in more land for housing developments in an effort to boost growth next year.
The contractor revealed turnover increased by £6m to £215.8m in its result for the year to 31 December 2017, while pre-tax profit climbed slightly from £5.1m in 2016 to £5.3m last year.
The company, which splits its business between contracting and development, now plans to invest in more land for development.
Chief executive Jonathan Seddon (pictured) said: “House sales remained robust and, while this year will see a dip in unit numbers, Seddon’s land acquisitions in 2018 will boost the pipeline significantly over the coming years.”
Seddon plans to use its cash reserves, which stood at £18.6m at the end of 2017, to fund these acquisitions.
House sales for the company dropped from 261 units to 231 last year, but revenue from sales climbed by £4m to £49.1m.
This was driven by the company changing the type of houses it builds, as well as increases in house prices in the North-west and Yorkshire.
The firm’s contracting business reported pre-tax profit of £1.5m on turnover of £157.8m.
Mr Seddon said: “Our strategy to have multi-sector development and a construction company is proving successful.”
The firm said it was now relying less on the competitive tender market to secure work for its contracting arm.
In June last year three men working for plant company Falcon Tower Crane Services were killed on a Seddon site in Crewe.
No update on the incident has been given, but a spokeswoman told Construction News: “Seddon continues to co-operate with the police and the Health and Safety Executive in their inquiries.”