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Chief executive Brian Morrisroe blamed the fall on tougher building safety rules, rising interest rates and planning delays that knocked viability on major residential jobs.
He said: “The viability of a number of high-rise residential schemes falling within the higher-risk building regulations proved to be something of a brake on residential opportunities.”
Despite the sales hit, the group edged back into the black with a £710,000 pre-tax profit in the year to 31 October 2024 – reversing a £1.3m loss the year before – as key specialist arms helped lift margins to 8.5%.
“Our performance in 2024 was a step in the right direction,” said Morrisroe.
“Legacy fixed-price contracts were largely traded through in the second half, and more recently secured projects have performed well.”
Strong returns from piling, joinery and haulage helped offset a drop in concrete frame and demolition turnover.
The group remains debt-free, with an improved cash position of £18m and renewed banking facilities.
Looking ahead, Morrisroe is forecasting a return to turnover above £200m in 2025, with the secured order book rising to £241m at the start of this year, up 12.5%.
Recent wins include a preconstruction services deal for Crystal Palace FC’s new main stand, which will draw on several in-house specialisms.
