{"id":31436,"date":"2025-07-20T20:21:46","date_gmt":"2025-07-21T03:21:46","guid":{"rendered":"https:\/\/essential.construction\/news\/lorne-stewart-pulls-plug-on-modular-arm-as-losses-mount\/"},"modified":"2025-07-20T20:21:46","modified_gmt":"2025-07-21T03:21:46","slug":"lorne-stewart-pulls-plug-on-modular-arm-as-losses-mount","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/lorne-stewart-pulls-plug-on-modular-arm-as-losses-mount\/","title":{"rendered":"Lorne Stewart pulls plug on modular arm as losses mount"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div id=\"post-499779\">\n\t<!-- .entry-header --><\/p>\n<div class=\"entry-content\">\n<p data-start=\"455\" data-end=\"588\">Saudi Arabian-owned parent company LSRM Holdings posted a pre-tax loss of \u00a31.9m for the year to 31 December 2024, as group turnover plunged 16% to \u00a3102m.<\/p>\n<p data-start=\"590\" data-end=\"778\">MDSL, which supplied riser modules and prefabricated pipework, was placed into wind-down mode after continued losses. Its accounts are now being prepared on a break-up basis.<\/p>\n<p data-start=\"780\" data-end=\"944\">LSRM said the overall group\u2019s 2024 performance was dragged down by inflation, legacy project overruns and a sluggish market hit by labour shortages and supply chain strain.<\/p>\n<p data-start=\"946\" data-end=\"1147\">Despite this, operating losses narrowed to \u00a32.3m and cash reserves rose to \u00a313.4m. The group remains debt-free and said it is targeting decarbonisation and framework workstreams for more stable income.<\/p>\n<p data-start=\"1149\" data-end=\"1305\">The firm said said that legacy projects have now completed with costs taken. The closure of MDSL would allow it to focus on core activities and improving future margins.<\/p>\n<p data-start=\"1149\" data-end=\"1305\">It said: \u201cThe decarbonisation initiatives by various Government and private companies presents strong business opportunities for growth and the group has secured a few of the jobs and is progressing satisfactorily. The group aims to capitalise this market for sustainable revenue and profitability.\u201d<\/p>\n<p data-start=\"1307\" data-end=\"1468\">Average staff numbers were largely unchanged at 578.<\/p>\n<\/p><\/div>\n<p><!-- .entry-content --><\/p>\n<footer class=\"entry-meta\">\n<div class=\"author-info\">\n<div class=\"sleeve\">\n<div class=\"author-avatar\">\n<div class=\"sleeve\">\n\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.constructionenquirer.com\/wp-content\/uploads\/userphoto\/2.jpg\" alt=\"Aaron Morby\" width=\"150\" height=\"150\" class=\"photo\">\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p><!-- .author-info -->\t\t\t<\/footer>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.constructionenquirer.com\/2025\/07\/18\/lorne-stewart-shuts-modular-arm-after-falling-deeper-into-red\/\" rel=\"nofollow noopener\" target=\"_blank\">This article was originally posted at Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Saudi Arabian-owned parent company LSRM Holdings posted a pre-tax loss of \u00a31.9m for the year to 31 December 2024, &#8230; <a title=\"Lorne Stewart pulls plug on modular arm as losses mount\" class=\"read-more\" href=\"https:\/\/essential.construction\/news\/lorne-stewart-pulls-plug-on-modular-arm-as-losses-mount\/\" aria-label=\"Read more about Lorne Stewart pulls plug on modular arm as losses mount\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1089],"tags":[],"class_list":["post-31436","post","type-post","status-publish","format-standard","hentry","category-construction-enquirer","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/31436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/comments?post=31436"}],"version-history":[{"count":0,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/31436\/revisions"}],"wp:attachment":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media?parent=31436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/categories?post=31436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/tags?post=31436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}