The firm blamed exceptional materials and wage inflation and under performance on a handful of contracts in its Scottish and Midlands business for the fall into the red after a £1m profit in the prior year.
But the brickwork contractor, which is focused on mult-storey projects, continued its steady expansion lifting revenue by 15% to a record £66m.
Revenue this year is expected to rise again to £90m on the back of large-scale regeneration schemes.
Founder Lee Marley, who set up the business in 1997 at just 24 years old, said the forward order book was strong, valued at £81m at the end of December 2022 (£60m: 2021).
He said: “Trading into 2023 has been strong as we continue to grow our revenues while we manage out our legacy projects and realign pricing on new projects to reflect the impacts of inflation.
“The impact of price-renegotiation and mitigation will be reflected in margins delivered in 2023.
“We have seen an improved performance in the Scottish division but closed our Leeds office during 2022.”
Over the year headcount grew to 181 staff.