Seddon reports £1.4m profit
Seddon Solutions has announced pre-tax profits of £1.4m and a turnover of £190m in its first full year financial results since the restructuring of the business.
In April 2013, the £300m turnover Bolton-based Seddon Group announced it would divide into three separate businesses, each owned and led by a member of the Seddon family; Seddon Solutions, Seddon Engineering Holdings, and Novus Property Solutions.
Seddon Solutions, known as Seddon, is headed up by managing director Jonathan Seddon. In its 2014 final results released today, turnover is up by 3% on the previous year to £190m.
The company employs more than 700 staff.
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% to £30.6 million in 2014.
Despite tough trading conditions, Seddon said it continued to invest in training, with 57 directly-employed apprentices.
Rod Sellers, chairman of Seddon, said: “In the financial year to December 2014 we have concentrated on protecting the strong balance sheet with net assets of £54.3m and £3.7m 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.”