J&D Pierce returns to profit as turnover rebounds 23% to £121m

Scottish steelwork contractor J&D Pierce nearly tripled pre-tax profit to £6.8m in 2025, from £2.3m the previous year, as revenue rebounded 23% to £121m.

The surge ends two successive years of declining turnover. Revenue fell to £104m in 2023 and dropped below £100m in 2024. At its recent peak, Pierce turned over £195.2m during an extended 17-month accounting period in 2022 — around £137.8m on a straight-line 12-month basis.

The latest recovery came with a sharp improvement in profitability. Operating margin climbed from 0.8% to 5.1%. The firm added nearly £23m of workload in a single year.

Directors said 2024 had been "an incredibly challenging year" but the market became significantly brighter during 2025, with conditions strengthening particularly in the second half.

Capacity investments are now paying off. Pierce largely completed its new paint facility by the end of the second quarter and converted the former paint shop at Glengarnock into a welding department. The paint operation now processes more than 40 loads of fabricated structural steelwork each week.

The contractor secured several large contracts during the second half of the year and entered 2026 with a healthy order book containing several "high profile, complex projects".

Investment continued alongside the turnaround. Pierce put another £5.75m into property, plant, machinery and vehicles during the year, while average headcount increased from 522 to 550.

Directors said tender demand remained high, although delays to project starts continued to pose a risk to the business.