Huge drop in revenue as Tees development stalls

REVENUES at the massive Teesworks development have fallen from more than £140m to £6.3m in just two years as progress has slowed in attracting new companies to set up there.

- By GRAEME WHITFIELD Business and agenda editor

Teesworks Ltd is developing the site which was once home to the steelworks

Accounts covering the year to the end of March 2025 have been published for Teesworks Ltd, showing that turnover has fallen from £22.2m a year earlier to just £6.3m.

Turnover had come in at £142.9m two years ago as wind farm foundation manufacturing SeAH signed a long-term lease on 90 acres of the site.

But with further development proving slower than originally hoped, the company's gross profit fell to just £530,000 in the latest financial year.

Most of the company's income during the year came from the sale of scrap and aggregates recovered from the site, which came in at £5.2m.

A dividend of £29.7m was paid during the year and Teesworks paid £2.5m during the year to a related party company for marketing and other consultancy services.