Novus generated sales of 拢148.6m, up from 拢130.3m in 2016 and pre-tax profit of 拢5.4m (2016: 拢4.3m).
The company was formed in 2013 when the Seddon Group was divided up between various family members. Christopher Seddon鈥檚 family got Seddon Construction and Seddon Homes, while his cousin John Seddon got Seddon Estates and Seddon Property Services, rebranded as Novus Property Solutions. John鈥檚 brother George Seddon got Seddon Engineering Holdings.
In its first year Novus achieved sales of 拢96.9m and made profit before tax of 拢2.3m.
Chief executive Neil Hand said: 鈥淐entral to the way we do things is a risk-governed, measured and controlled approach to managing our finances. This gives us the flexibility to take long term decisions that are in the best interests of our employees and clients.
鈥淧art of this includes a commitment to paying our suppliers according to their terms and, critically, on time. We鈥檙e very proud of our record and it鈥檚 why we have a loyal supply chain built on long term relationships.聽
鈥淟ike every business in our sector, cost inflation is a significant headwind. Our procurement team continues to do excellent work in managing our materials supply contracts and we always police our working capital closely. This means that we can maintain our financial independence, allowing us to run our business according to our values.鈥�
He added: 鈥淭here are signs of a slowdown in construction and we remain mindful of this, even if maintenance continues to be an area where demand is fairly robust. We believe growth is achievable again this year but the strength of our financial position means we don鈥檛 need to pursue it at all costs.鈥�
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