Stepnell has recently undergone an operational restructure, with a more selective approach to contracts, greater focus on project delivery, and stronger commercial control.
The shift follows the takeover of Stepnell by chief executive Tom Wakeford and his family last year after a shareholder-agreed corporate demerger.
Wakeford has since said the group has demonstrated “strong growth”, overcoming historic losses related to older projects, to nearly triple pre-tax profit and more than double its cash balance this year.
Founded in 1867, the Warwickshire-headquartered company is forecasting a 20 per cent rise in turnover in the coming year, as its closes in on record revenues of more than £156 million last reported in 2019.
With a “solid foundation”, Wakeford is targeting increased profitability following its expansion into the North West and an additional office location in Exeter.
This firm foundation is built upon a gradual strengthening of the group’s core financial metrics over several years and the maintenance of others.
As previously stated, Stepnell is pursuing income growth, particularly from frameworks.
Supporting that ambition is the group’s profit from operations which, despite mild fluctuation, has shown positive growth over the last five years, culminating in £2.3 million profit this year.
Underpinning Stepnell’s P&L record is its balance sheet which recovered quickly from the pandemic years, with cash increasing annually like clockwork, growing from £883,000 in 2021 to almost £21 million in the year to March 2026.
The group’s shareholder funds, meanwhile, have also remained robust across the same period, growing annually before peaking last year with net assets worth £20.2 million.
In addition to framework wins, Wakeford is also focused on healthcare, education and residential sectors, as the group pursues growth in turnover and profit going forward.
After an agreement by shareholders to demerge the Stepnell Group, splitting the construction, property management, and property investment elements of the business, the contractor launched Lawford Bespoke Joinery last year, a specialist business headquartered in Rugby.
Wakeford continues to lead the construction unit and Step Energy, Stepnell’s decarbonisation and renewables business.
| Financial year | Turnover | Operating result | Cash | Net assets |
| FY2026 | £150.28 million | £2.31 million | £20.87 million | £18 million |
| FY2025 | £112.78 million | £1 million | £8.87 million | £20.18 million |
| FY2024 | £108.81 million | £1.12 million | £3.17 million | £19.44 million |
| FY2023 | £93.69 million | £1.4 million | £2.79 million | £18.5 million |
| FY2022 | £90.47 million | £1 million | £2.29 million | £17.45 million |
| FY2021 | £104.82 million | £827,000 | £883,000 | £16.15 million |
| FY2020 | £120.61 million | -£5 million | £3.47 million | £15.13 million |
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