Managing director Derek Pierce said the market failed to deliver the upturn expected.<\/p>\n
\u201cBy the end of January we knew it was going to be a difficult year as we had already had one large contract cancelled and several delayed or postponed indefinitely.<\/p>\n
“This left significant gaps in our production with only limited low margin work available within the marketplace to fill the slots.<\/p>\n
“Unfortunately this looked set to continue throughout the rest of the year which turned out to be the case.”<\/p>\n
He said the company, which is backed by Swedish investment group Storskogen, used the downturn to overhaul systems, invest in new facilities, and tackle production bottlenecks.<\/p>\n
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<\/a><\/div>\n<\/div>\nPart of the investment centred on building new 480m-long, 350,000 sq ft coating plant in Bellshill, Glasgow, capable of handling 1,500 tonnes of steel a week. The site includes 24 new overhead cranes, automated blasting lines, and a 30-metre blast booth.<\/p>\n
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The relocation of the paint shop from Glengarnock has freed up fabrication space and added capacity for another 250 tonnes a week, said Pierce.<\/p>\n
\u201cDespite 2024 being a tough year, the company looked to the future and invested heavily. We are ready, stronger and more efficient for the years ahead.”<\/p>\n
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Cash reserves dipped from \u00a339.9m to \u00a328.9m as the group funded the Bellshill project and absorbed weaker trading. Staff numbers rose to 522, up from 474.<\/p>\n
Pierce warned that while tender activity remained strong, rising input costs and slow project starts would remain headwinds this year.<\/p>\n
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