Turnover at M Lambe Construction dropped 8% to £95m for the year ending 31 October 2024, down from £103m the previous year.The firm reported a pre-tax loss of £430,000, a sharp reversal from the £2.2m profit posted previously, as a slowdown in housing demand led to heightened competition and tighter margins. Reports Contract Journal
Despite the challenges, the company sustained operations at its Birmingham and Derby offices, while streamlining pre-construction and commercial teams under group-level leadership to boost efficiency.
Cash reserves declined to £3.4m from £8.3m, although the order book expanded to £122m, up from £95m.
Managing director Michael Lambe remains optimistic, projecting record revenue for the current year, driven by growing demand in the social housing sector.
He said:”We are seeing cautious yet promising signs of recovery in 2025, shaped by greater economic stability and the promise of policy reform.
“The business has weathered the period of suppressed demand and slower build programmes in the private housing market and there are tentative signs of increased sales volumes buoyed by a steady decline in mortgage interest rates and the more stable macroeconomic environment.
“We believe the revisions to the National Policy Framework including a return to mandatory housing targets and the introduction of the ‘grey belt’ will stimulate private housing delivery, albeit gradually.
“Our strategic pivot towards social housing in recent years has helped revenues recover and the business expects turnover to exceed £120m in the year ending October 2025.”
English 