Specialist contractor Morrisroe saw turnover drop 15% to £187m last year as tighter project selection and delays to high-rise schemes dragged on sales.

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.