In results filed on companies house, the Midlands-based firm revealed revenue had fallen to £334.3m in the 12 months to 31st December 2023 — the year before, this had been £455m.

Whereas the company had registered an operating profit of £22m in 2022, this was instead a loss of £2.6m for 2023.

This contributed to the pre-tax loss of £21m in 2023, whereas a pre-tax profit of £5.2m had been achieved the previous year.

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Commenting on the results, the firm’s CEO Chris Southgate said it had been a “challenging year” and highlighted a “considerable” reduction in volume of work resulting from a slowdown in construction generally.

“The reduction in volume has invariably led to operational inefficiencies, which combined with significant inflation, the majority of which has not been recovered from clients, has resulted in a reduction in margin,” said Chris.

“However, despite the challenging environment seen in 2023, the business remains committed to its plan for growth and efficiency and to this end set-up the new Eastern Counties Region in the latter half of the year.”

Looking forward, Chris said the group “remains positive” given falling inflation, mortgage rate reductions and continued shortage in housing supply.