The south east building contractor made just over £14m of payments last year to redeem its outstanding vendor loan notes, clearing the remaining balance without relying on external finance.
Despite the significant cash outflow, Neilcott ended 2025 with £22m held in the bank.
Pre-tax profit more than doubled to £14.7m from £7.1m, while turnover increased 16% to a record £154m.
Operating profit also rose to £14.5m from £9.8m, taking the company’s operating margin to around 9.4%.
Neilcott increased its workforce to around 200 employees from approximately 177 a year earlier as business activity continued to grow.
A further £356,600 was distributed to eligible employees on an equal-share basis during the year. This brought total employee payouts since the company transitioned to employee ownership to nearly £1.3m.
The Orpington-based contractor said its regional markets continued to offer significant scope for controlled growth, with its turnover accounting for only a small proportion of the available work pipeline.
Neilcott enters 2026 with no borrowings and expects another managed increase in turnover, supported by strong gross margins.
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