The pandemic pushed the Bolton-based company’s construction arm into the red for the 12 months ended 31 December 2020 but the firm’s housing division increased turnover by more than 50% year-on-year, brightening the overall picture.
“Despite unusual conditions, a combination of financial strength and liquidity has provided the company the confidence to continue to invest in the future, which is as important as ever as we seek a competitive advantage in what is a challenging period for our industry,” said Jonathan Seddon, chief executive of Seddon Group.
Seddon Construction reported a pre-tax loss of £2.4m in 2020, compared with a £1m profit in 2019.
The construction arm’s revenue was down 13% on the previous 12-month period to £130m from £150m.
However, Seddon Construction’s cash position improved year on year – the company reported £8.7m in the bank at the end of 2020, an increase of £700,000 the year before.
Seddon Homes fared much better in a pandemic-hit year.
Turnover was up £20m year-on-year to £54m, while pre-tax profits also jumped from £2.2m in 2019 to £5.7m in 2020.
Overall, the group’s cash position improved from £9m for the 12 months ended 31 December 2019 to £33m by the end of 2020.
Turnover for the group was also up overall, from £192m in 2019 to £200m in 2020.