Stepnell, a Bristol-based construction partner, has reported a significant milestone, with profits exceeding £1 million in the 2022/23 financial year. Despite the prevailing challenges within the construction sector, Stepnell’s strategic approach to continual improvement has enabled this remarkable achievement.
The firm’s 2022/23 financial results revealed that they had already secured 80% of their planned revenue budget for 2023/24. Key contributors to this success included the utilization of frameworks and repeat work, notably the SCAPE Regional Construction framework and the Southern Construction Framework (SCF).
In a construction industry facing a universal backdrop of challenging conditions, Stepnell attributes its triumph to a relentless focus on improvement. This commitment extends to internal procedures, where meticulous project program controls on-site have translated into greater financial and commercial returns.
Stepnell has also made substantial investments in its team and office facilities, fostering improved work environments that support and retain top talent. This strategic approach not only enhances the company’s operational efficiency but also bolsters its position as a leading player in the construction sector.
Tom Wakeford, managing director of Stepnell, said: “Our performance reflects an ongoing commitment to performance improvement, and we are pleased with these results especially given the challenging circumstances of project budgets being squeezed by cost increases from rising inflation, an energy crisis, and shortages right across the industry, which is slowing the progress of planned projects.
“Moving forward, we have a solid foundation to keep building on our success. Our work across a number of frameworks is helping to secure a healthy project pipeline, this includes successes with the SCAPE Regional Construction framework and Southern Construction Framework (SCF). Our property portfolio also remains well let.”
With a strong emphasis on building back into the communities Stepnell works in, the business now has social value managers in place across its regional business development units, operating bases in Nottingham, Rugby, Wantage, Bristol, Southampton and Poole. Alongside new hires, the existing team and internal culture also continues to develop.
Mr Wakeford added: “We are still investing back into the business and have a lot of recent achievements to be proud of on top of our stable financial performance. This includes our improved ESG credentials working towards our full IS0 50001 accreditation, plus achieving a ‘Gold’ Investor in People Award and a ‘Gold’ RoSPA Award, with the latter being our sixth consecutive win. Stepnell has also achieved a Net Promotor Score (NPS) of 52, which is upper quartile for UK construction businesses.
“Although turnover is slightly less than projected, our collaborative and early engagement approach to both our team and clients is what remains our key strength. As a family owned and led business, established in 1867 with a strong balance sheet, we can continue to be trusted, with our clients turning to us to deliver high quality service, good communication and excellent quality.”