Turnover fell to 拢144.4m (2023: 拢160.7m) in the year to December 2024 but profit before tax improved top 拢6.1m (2023: 拢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 拢137.6m (2023: 拢157.0m) and making a pre-tax profit of 拢2.3m (2023: 拢200k). Seddon Developments made a rofit of 拢600k in 2024, with 拢1.1m coming from property investments and 拢300k from the Circle Recycling subsidiary.
Chief executive Jonathan Seddon wrote in the latest annual report: 鈥淭urnover 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,鈥�
In 2024 administrative costs increased to 拢14.3m, up from 拢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 拢49.5m (2023: 拢45.6m).
鈥淒espite 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,鈥� 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 拢15m, with the group down 拢13m.
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