{"id":6678,"date":"2025-07-18T06:46:44","date_gmt":"2025-07-18T06:46:44","guid":{"rendered":"https:\/\/cita.co.uk\/news\/?p=6678"},"modified":"2025-07-18T06:46:44","modified_gmt":"2025-07-18T06:46:44","slug":"lorne-stewart-pulls-plug-on-modular-arm-as-losses-mount","status":"publish","type":"post","link":"https:\/\/cita.co.uk\/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":"

M&E specialist Lorne Stewart has shut down its offsite modular arm MDSL after another year of losses pushed the group further into the red.<\/p>\n

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

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

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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

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

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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

“The 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.”<\/p>\n

Average staff numbers were largely unchanged at 578.<\/p>\n

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from Construction Enquirer https:\/\/ift.tt\/v6klr97<\/p>\n","protected":false},"excerpt":{"rendered":"

M&E specialist Lorne Stewart has shut down its offsite modular arm MDSL after another year of losses pushed the group further into the red. 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. MDSL, which supplied riser modules […]<\/p>\n","protected":false},"author":1,"featured_media":154,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[9],"class_list":["post-6678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-construction-enquirer"],"_links":{"self":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/6678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/comments?post=6678"}],"version-history":[{"count":1,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/6678\/revisions"}],"predecessor-version":[{"id":6679,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/6678\/revisions\/6679"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media\/155"}],"wp:attachment":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media?parent=6678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/categories?post=6678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/tags?post=6678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}