Statom Group has boosted its revenue by 27 per cent thanks to higher demand for reinforced-concrete-frame jobs in London.
The Essex-headquartered contractor grew its turnover to £143.2m in the year to 30 November 2023, its latest accounts reveal. The firm turned over £113m in the previous 12 months.
Pre-tax profit also rose, from £7.3m to £8m, giving Statom a pre-tax margin of 5.6 per cent, down slightly from 6.5 per cent in 2021/22.
Its cash position increased from £9.2m to £15.4m.
Managing director Stan Nikudinski said in a strategic report alongside the accounts that the company’s main objective was to “sustainably grow the business whilst continuing to incrementally improve margins through operational efficiency savings”.
The accounts noted that 2023 was a “turbulent year within the construction industry with numerous high-profile businesses exiting the industry”, which increased the financial pressure on those remaining.
Statom has invested in its own plant and machinery, brought in new senior managers, and is looking to increase work with housing associations, commercial and infrastructure contracts, as well as homebuilders, in a bid to diversify its income streams, Nikudinski added.
The company will continue to focus on winning jobs in areas such as remediation, groundwork, concrete frames and tower-crane contracts. Sister companies will continue to offer services including turnkey construction, demolition, mechanical and electrical, and bricklaying, he said.
After the collapse of Henry Construction in June left The Charter (pictured), a 242-apartment block in Gravesend, Kent, in limbo, Statom was appointed by council-owned developer Rosherville and development partner Reef Group to secure the site.
It has since been clearing the site, conducting condition surveys and other early works while negotiations on the main contract took place.
Other jobs Statom has worked on include the 565-luxury apartment job Broadway East in Bethnal Green for Berkeley Group and the Clapham Park Regeneration Project in south London for Vistry and Countryside Partnerships.
