Specialist fit-out and refurbishment contractor Faithdean has reported an 8 per cent fall in annual profit despite seeing its turnover rise by nearly a quarter.
The Kent-headquartered firm recorded a pre-tax profit of £4.5m in the year to 31 March 2026, compared with £4.9m the year before.
The fall came despite the privately owned firm reporting a 24 per cent jump in turnover from £91.5m to £113.3m. Its bottom line was hampered by a 28 per cent rise in overheads to £101.6m.
Overall the firm’s pre-tax margin was just under 4 per cent, down from 5.3 per cent the year before.
In its accounts, Faithdean said it achieved a profit through its “disciplined project selection, effective cost control and long-standing client relationships”.
The 49-year-old firm’s work includes high-end refurbishment projects, commercial fit-out jobs, plus new-build developments and residential schemes across London and the South East.
Its clients have included Great Portland Estates, Segro, Aviva and M&G Real Estate, according to its website.
Faithdean’s staff numbers remained at 118 in the year, although overall employee cost fell slightly to £2.5m.
Its cash position improved to £27.8m, against £22.8m the previous year.
Bank loans and overdraft debt increased from £175,575 to £1.9m.
An interim dividend of £5.35 per share was paid in August last year, but the directors did not recommend a final dividend payment.
For the current year, Faithdean said it has a “healthy pipeline of secured and negotiated work”.
It added: “Although market conditions remain competitive, the directors expect trading performance to remain resilient and anticipate another profitable year.”
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