Civils specialist M Lambe delivers record performance

The housing specialist lifted revenue by around 10% to £109m in the year to October 2022, generating a strong uplift in pretax profit to £6.1m compared with £1.7m in the prior year.

This improvement raised cash at bank to £6m.

The third-generation family business has operated for 40 years with regional offices in Birmingham and Derby.

Managing director Michael Lambe said the firm had entered the new financial year facing a more challenging market with an order book up 17% at £122m.

He said that rising interest rates and declining house prices had seen clients delay several projects and slow build programmes.

“This had a short term impact on turnover but this seems to have now stabilised, supported by the strategic decision of the business to ensure over 30% of our order book is in the social housing sector.”

“The medium-term outlook for the business remains positive given the underlying housing shortage. The business has also identified key area of development which we believe offer opportunities to improve margins and make the business more sustainable.”

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