The brickwork contractor was hit when the two-staircase rule for residential towers was lowered from 30m to 18m in July 2023.<\/p>\n
Clients paused schemes to redesign, pushing back around \u00a330m of secured work by up to nine months.<\/p>\n
Despite the programme setback, pre-tax profit rose 25% to \u00a33.6m as the group cut overheads and boosted project returns.<\/p>\n
The major cost restructuring saw senior management layers removed and greater responsibility pushed through the business, cutting admin expenses by 7% and improving returns by 5% between the first and second halves of 2024.<\/p>\n
The latest figures complete a business turnaround following a \u00a32.2m slide into the red in 2022 in the face of wage and materials inflation.<\/p>\n
The year-end order book swelled to \u00a3135m with LMB ending the year with \u00a32m cash in hand, continuing to reinvest in its scaffolding arm and training operations.<\/p>\n
LMB also expanded its in-house apprenticeship academy, enrolling 26 new starters to take total apprentices to 117 across the UK. The firm has now gained approval to deliver Level 2 and Level 3 brickwork apprenticeships.<\/p>\n<\/p><\/div>\n
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