In a notable financial turnaround, Seddon Group has returned to profitability in 2023, following significant losses the previous year. Through enhanced risk management and selective project engagement, the company’s strategic efforts have resulted in a marked improvement.
- In 2023, Seddon Group’s turnover rose to £160.7 million, up from £153.9 million in 2022.
- The company reported a pre-tax profit of £4.6 million, contrasting sharply with a £13 million loss in 2022.
- Seddon Construction Ltd, the main trading subsidiary, increased its turnover by nearly 4%, achieving a pre-tax profit of £202,000.
- Chief Executive Jonathan Seddon attributed these achievements to improved preparedness and strategic project selection amidst ongoing industry challenges.
In the fiscal year 2023, Seddon Group’s financial health has seen a significant rebound, with a reported turnover of £160.7 million, which reflects an increase from the £153.9 million recorded in 2022. This uptick in financial performance is underscored by a dramatic shift from a pre-tax loss of £13 million in 2022 to a profit of £4.6 million in 2023.
The subsidiary, Seddon Construction Ltd, played a pivotal role in this recovery. It reported a turnover of £155.3 million, representing a growth of nearly 4% compared to the previous year’s figure of £149.8 million. More impressively, the subsidiary reversed its fortunes from a loss of £15.0 million in 2022 to generate a pre-tax profit of £202,000 in 2023.
Chief Executive Jonathan Seddon, in the annual report, acknowledged the persistent challenges of inflation, material and labour availability, and rising energy costs. Despite these ongoing issues, the group demonstrated significant resilience by being better equipped and prepared to tackle such hurdles, which in turn facilitated the improvement of its trading position.
Jonathan Seddon further explained that the modest increase in turnover during 2023 was a deliberate strategy. By exercising a high degree of selectivity around project engagements, the company successfully managed its risk exposure. This approach allowed them to concentrate on opportunities for which they were best positioned to deliver, thus ensuring financial stability and growth.
Seddon’s return to profit in 2023 epitomises a strategic and well-executed recovery plan amidst challenging industry conditions.
