A specialist supplier to the UK construction fit-out sector was forced to rethink its client portfolio after trading was interrupted last year by the collapse of a single major contractor.
After the collapse of ISG, Taylor Made Joinery (TMJ) Interiors began actively diversifying its client base to manage its risk exposure in the future, by working with more main contractors and rethinking its “over-reliance” on just one.
It also continues to maintain a comprehensive credit insurance coverage arrangement to protect it against other potential customer insolvencies.
“Revenue performance was impacted by the administration of ISG, which affected our turnover aspirations within 2024,” said TMJ Interiors.
TMJ added: “Despite this challenge the London fit-out market and beyond has remained buoyant, supported by an increasing desire to get people back to the workplace.”
This observation is supported by fit-out and refurbishment specialist Structure Tone UK, who also attributed a “surge in activity” in its core market to the administration of ISG Group last year.
TMJ Interiors also maintained healthy margins throughout last year through cost management strategies, to sustain profitability and support wider investment
Turnover for the year ended 31 December 2024 rose to £37.7 million from £36.8 million the year prior, generating a pre-tax profit of £1.9 million, a slight decrease on the £2.1 million it achieved in FY2023.
At the year end the Ipswich-headquartered business had net assets of £10.3 million (FY2023: £9.2 million), with cash reserves of £4.4 million.
Profit for the year was £1.2 million, coming in roughly on par with the previous trading period.
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