Saudi Arabian-owned parent company LSRM Holdings posted a pre-tax loss of £1.9m for the year to 31 December 2024, as group turnover plunged 16% to £102m.

MDSL, which supplied riser modules and prefabricated pipework, was placed into wind-down mode after continued losses. Its accounts are now being prepared on a break-up basis.

LSRM said the overall group’s 2024 performance was dragged down by inflation, legacy project overruns and a sluggish market hit by labour shortages and supply chain strain.

Despite this, operating losses narrowed to £2.3m and cash reserves rose to £13.4m. The group remains debt-free and said it is targeting decarbonisation and framework workstreams for more stable income.

The firm said said that legacy projects have now completed with costs taken. The closure of MDSL would allow it to focus on core activities and improving future margins.

It said: “The decarbonisation initiatives by various Government and private companies presents strong business opportunities for growth and the group has secured a few of the jobs and is progressing satisfactorily. The group aims to capitalise this market for sustainable revenue and profitability.”

Average staff numbers were largely unchanged at 578.