Seddon Solutions has announced its first full year financial results since the restructuring of the business.
In April 2013, the £300 million turnover Seddon Group Ltd announced it would divide into three separate businesses, each owned and led by a branch of the Seddon family.
The newly formed Seddon Solutions group (Seddon)*, headed up by Managing Director Jonathan Seddon, has reported a turnover of £190 million, up three per cent on the previous year in its first full year financial statements.
The company, which employs more than 700 staff, announced pre-tax profits of £1.4 million for 2014 as the sector recovers from the recession. Despite tough trading conditions, Seddon has continued to invest in training, with 57 directly-employed apprentices and it sees future talent as the key to its future prosperity.
Rod Sellers, Seddon’s Chairman, said: "We are in a strong position as the sector recovers from one of the deepest recessions the country has ever seen.
"As a family-owned company we have been able to ring fence our training, when many of our competitors have slashed budgets to protect profits.
"Where many are now struggling to train to meet contract demands, we have steadily increased our workforce and are now in strong position as the market recovers.”
The year to December 2014 saw the construction, maintenance and development company focus on building a blended portfolio of projects.
Seddon has diversified into new commercial markets delivering projects for the Co-operative Group, Muse Developments and Bolesworth Estates.
The Government’s Help to Buy scheme boosted sales for Seddon Homes, with new home sales increasing by 18.5 per cent to £30.6 million in 2014.
Over the last year the group has bolstered its senior management team with the appointment of Regional and Commercial Directors in the Midlands, a Social Housing Director in the North West and the Managing Director of Seddon Homes.**
Sellers added: "In the financial year to December 2014 we have concentrated on protecting the strong balance sheet with net assets of £54.3 million and £3.7 million cash being generated from operations.
"We have also strengthened our pre-construction team which has allowed us to secure a number of long term framework agreements, as well as continuing to remain involved in regeneration projects and to invest in land and financial support for both residential and commercial property developments.
"The creation of Seddon Solutions in 2013 has provided greater focus and drive for the company. We are in a stronger position than ever to deliver in 2015 and beyond as we continue to construct high-quality developments and train our future staff through vital apprenticeships.”
*Seddon Solutions Ltd is the parent company of Seddon Construction, Seddon Housing Partnerships, Seddon Care Partnerships, Seddon Homes and Seddon Developments.
**Appointments include: Eamonn Burns, Regional Director for the Midlands; Steve Davies, Commercial Director for the Midlands; Duncan Williams, Regional Director for the North West; and Michael Jefferson, Managing Director at Seddon Homes.