A string of multi-phase RC Frame contract wins in London helped boost turnover at Statom Group to £143m last year.

Latest results for the contractor for the year to November 30 2023 show pre-tax profit at £8.5m from  £8.2m last time as revenue rose to £143.2m from £113m.

The balance sheet was also strengthened with year end cash balances of £15.8m from £9.1m as owners Thomas Brown and Stan Nikudinski looked to retain profits in the business.

CEO Nikudinski said the group is continuing to diversify income streams with new projects including infrastructure and commercial while maintaining a strong offering in the residential housing and frame market.

He said: “ Whilst we are pleased to announce FY23’s performance, we continue to look for new opportunities to diversity our income stream given challenges within the residential sector which is heavily impacted by viability and high interest rates.

“Through pipeline management, acquisitions of other businesses and opening an office in Scotland we aim to put all elements of our business to work in the coming year which includes securing work in the following sectors, River Wall, Marine Construction, Demolition, Remediation, Civil Engineering, Infrastructure, RC-Frames and Tower Cranes across the UK.”

Edward Nixon the Group’s CFO added: “ The results are a testament to the robustness of the Group. FY23 faced significant challenges including interest rate rises to 5.25% and continued inflationary pressure impacting all parts of the supply chain. Despite this, with close cost management we have increased turnover by £30m whilst maintaining margins which has supported a robust bottom-line performance.”

Chaiman Brown highlighted the purchase of the group’s new 9,000 sq ft headquarters in London Bridge which will support close management of flagship projects and ensure the firm is geographically close to its client and supplier base.