The firm saw revenue slide almost 28% to £42m in the six months to 30 June 2025 as three big contracts suffered delays.

This hit profit take with pre-tax profit tumbling two-thirds to £1.7m.

Billington warned full-year 2025 results would now be below market forecasts, but added the outlook for 2026 remained strong backed by a healthy order book and strong cash reserves.

Chief executive Mark Smith said: “Following a strong performance by Billington in 2024 it is unfortunate that the market for structural steelwork and the construction industry more widely has, as a result of economic uncertainty and lack of consumer confidence, become increasingly subdued during the first half of 2025.”

“However, despite the challenging market conditions Billington has increased productive output in the first half of the year and has a healthy contracted order book, in more buoyant sectors, for delivery during 2025 and into 2026.”

Delays on major energy from waste projects in North London and Scotland and a big defence job meant profits would now be recognised later than expected.

Smith said: “We are optimistic that the market will see some recovery in 2026 as stability and increased confidence returns to the sector. Billington, with its strong balance sheet and significant cash resources, is well positioned to take advantage of improved market conditions.”

The group continues to bank on growth in data centres, energy-from-waste plants and critical infrastructure, where demand is holding up better.

He said pricing pressure as rivals scrambled for a shrinking pool of work was squeezing margins and making project selection critical.

Despite the profit setback, Billington retains a solid financial footing with £19m of cash at the half-year and a further £6m revolving credit facility undrawn.

The company has also pressed ahead with investment, including a new £1.7m bridge fabrication facility at Shafton that came online in August to strengthen Tubecon’s offering ahead of an expected recovery in infrastructure work.

A board reshuffle is also under way, with long-standing chief financial officer Trevor Taylor stepping into a new role as chief operating officer to sharpen project delivery and cost control.

Dave Jones will take over as CFO on 1 October, while steel veteran Ian Dawson has joined Billington Structures  from Severfield to become technical director to boost its complex project capability.