The contractor saw turnover slump 42% to £109m in the year to 31 August 2025, while pre-tax profit fell to £2.3m from £4.9m as the firm waited for regulatory sign-off on several projects.

A spokesman for Tide said: “With the requirements of the Building Safety Regulator and the introduction of the Gateway process, project start dates on site were deferred pending BSR Gateway 2 approval.

“This transition period has been significant for the whole sector.

“Working collaboratively with the BSR, the company has now successfully obtained approval for several key projects, and we are progressing strongly with activity underway across major schemes totalling over £500m.”

Despite seeing many projects deferred last year, the business remained profitable, ending the period with net assets of £41m and cash reserves of nearly £13m.

The London contractor is a leading advocate of volumetric construction and has delivered seven of the world’s 10 tallest modular towers.