The diversified London contractor has emerged from its inflation-hit slump with a record £2bn-plus order book, stronger liquidity and tighter grip on risk after Malaysian property and construction giant IJM Corporation took a 50% stake in the group last year boosting the balance sheet.

Latest accounts for the 16 months to April 2025 saw JRL book the heavy loss in a hard reset after a contract-by-contract review, governance overhaul and balance sheet repair.

Turnover for the extended reporting period came in at £785m (2023: £826.1m), around 30% down on the prior year on a pro-rata basis.

The £50m equity raise from IJM, alongside selective property disposals, cut net debt by more than £32m and halved property-related borrowings, leaving the group with increased headroom and net assets of £113m.

Chairman John Reddington the last few years had been among the toughest in the group’s history but insisted the worst was now over.

“The financial results reflect a very challenging period for our sector. The work undertaken by the team to address historic issues, recapitalise the business and strengthen our governance has significantly improved the group’s resilience, ” he said.

“In the last twelve months, we have secured a £2bn order book for the first time in JRL’s 30 year trading history, driven by client loyalty and our strong team work across the group.

“With a stronger balance sheet, improving trading momentum and the support of our strategic partner IJM, we are looking forward to returning to profitability in 2026 and onwards”

He said the reset had given the board far clearer sight of risk, while IJM’s backing brought long-term capital, additional governance firepower and access to new work opportunities.

Main contractor Midgard and concrete firm J Reddington continued to shoulder the bulk of group workload last year but took losses as inflation fallout fed through. The group’s McMullen Facades business booked another years of losses while the M&E and tower crane hire businesses remained profitable.

*higher combined turnover than group reflects intercompany trading

While all aspects of in-house delivery were being rigorously reviewed, the board said it remained confident that JRL’s integrated model, applied selectively and with disciplined risk management, remains central to the programme certainty valued by clients.