UK Construction and Law

London fit out contractor's revenue almost triples to £448.8m as premium office demand holds

By Staff Writer  |  16 August 2026

Structure Tone turned over £448.8m in 2025 against £157m the year before, with pre-tax profit at £12.6m from £1.7m. Secured workload stands at £1.3bn. The firm also stepped into fit out contracts that had stalled under other contractors.

Gross revenue at the London fit out contractor Structure Tone reached £448.8m in 2025, up from £157m in the previous year, with profit before tax of £12.6m against £1.7m. The company is part of the American owned STO Building Group. Its secured workload stands at £1.3bn.

Multiplying revenue by nearly three in twelve months is not a normal trading pattern for a contractor, and it is worth being clear about what produced it. The company attributes the growth to demand across London's legal, technology, financial services, media and professional services occupiers, where the appetite is for premium space. The London office market has split, and the top of it has been busy while the rest of the sector has not.

Our business delivered an exceptional financial performance in 2025, driven by operational excellence and powered by our people, who bring deep expertise and strong relationships, and in whom we continue to invest for the future strength of the business.

Caroline Williams, Finance Director, Structure Tone London

The number behind the number

The recovery in profit is the part that matters. The company had been earning £1.7m before tax on £157m of turnover, which is the sort of return that leaves nothing to absorb a bad job. It describes the year as its strongest revenue growth in 38 years.

Cash more than tripled to £68.8m from £18.8m, and net assets rose to £17.6m from £6.7m. Around 360 people worked for the business during the year.

Building a delivery team fast enough to service three times the revenue is the operational risk sitting under these figures, and it is the one to watch in next year's accounts rather than in this year's.

This has been another year of strong performance for Structure Tone. We delivered profitable growth, maintained a robust financial position, and these results demonstrate the expertise of our teams and the trust placed in us by our customers.

Matt Blowers, joint managing director, Structure Tone

Stepping into stalled contracts

Alongside a series of completed London projects, the company says it stepped into fit out contracts that had stalled, to support clients and the supply chain. That sentence describes somebody else's insolvency or withdrawal, and it is a familiar route to revenue in a fit out market where the pricing has been tight for several years.

For anyone taking on a partly completed fit out, the commercial opportunity comes attached to a set of problems that are legal rather than technical: the state of the outgoing contractor's design responsibility, what has actually been installed against what has been certified and paid for, whether the collateral warranties and the building owner's insurances follow the new appointment, and who carries the defects in work nobody watched being built. A contractor holding £68.8m of cash can absorb the answer to those questions. A contractor earning £1.7m before tax on £157m of turnover, which is where this business was a year earlier, cannot.

The company describes its £1.3bn secured workload as giving visibility over future revenue as it continues to expand. On these numbers the harder question is not where the next job comes from but whether the second and third years of an expansion on this scale deliver the same margin as the first.