The contractor’s latest results for the year to December 31 2023 confirm a £1.28m pre-tax profit compared to a £130,000 loss last time as turnover ticked-up to £134m from £121m.
Structure Tone said “the last couple of years has seen a significant improvement in both the quality, management, and close out of projects establishing a great foundation on which the company continues to grow.”
Structure Tone chiefs said the firm is encouraged by planned activity in its core London fit-out and refurb markets.
The business has set-up a new team to target smaller jobs below £5m and has moved to new offices near Cannon Street Station in the City of London.
Group CFO Caroline Williams said Structure Tone had been able to avoid supply chain insolvency issues during the year thanks to its prompt payment policy.
She said: “Success of our subcontractors is critical to our success as a main contractor so we make sure we pay on time and look after our supply chain.”
Structure Tone London managing director Justin Fahy said the long term prospects for the London market were positive.
He said: “It has been tough for a while for the industry but we are anticipating a big release of work towards the end of this year and a good 2025 in the London fit-out sector where we will continue to make steady progress and enjoy a lot of repeat business.”
Structure Tone is a subsidiary of the STO Building Group which is one of the largest contractors in America with a turnover of more than $10bn.
Fahy said: “It is a huge positive to have that sort of backing and financial strength behind us and it means we never struggle with things like securing bonds which have been a big problem for others.”