The ownership change back to Thomas Taziker, Nigel Taziker and Graham Moor agreed in October 2023 also deleveraged the business and prompted a strategy rethink away from a path of diversification and rapid growth.
While the previous growth drive doubled the size of the business in three years, with revenue jumping nearly 19% to £87m in the year to March 2023, a perfect storm of market challenges hit profitability with Taziker reporting an operating loss of £2.8m.
Taziker chief executive Neil Harrison blamed the fall in profitability on inflationary cost pressures in labour and materials, disruption to supply chain, curtailment of projects, and industrial action in its key railways market.
He said: “This growth strategy away from the group’s core activities along with external factors within the economy such as high inflation has led to a decrease in the reported margin.
“Following the restructure, there is now a new board composition, and a strategic review of the business has been conducted which has resulted in a cost savings plan and a refocus on the group’s core activities.
Harrison added: “The board foresee the full benefits from this strategic review to flow into the FY25.”
He said the business continued to invest in strengthening senior and project management capability, ensuring capacity for future growth with existing clients, along with the potential to enter into new sectors.