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Steel contractor Billington Holdings has reported a 29% fall in revenue in 2012 and continued losses.

In its accounts for the year to 31 December 2012 the firm reported revenue of 拢38.2m, down from 拢53.9m in 2011.

However, its pre-tax loss reduced from 拢2.2m in 2011 to 拢0.5m last year.

The firm said the results were in line with management鈥檚 expectations.

Steve Fareham, chief executive of Billington Holdings, said the market remained 鈥渉ighly challenging鈥�.

He said the firm had made 鈥渙perational efficiency improvements鈥� and was being selective about the work it took on to improve margins.

He said he expected the firms structural steel business, Billington Structures, to shrink from 80% of the groups turnover to 60% over the next couple of years.

He said: 鈥淲e hope to reduce that down by growing our architectural steel work, our stairs business and hoardings.鈥�

Fareham said he was targeting structural steel work in the rail and energy sectors with some success winning roles on projects for Network Rail and the Drax power station.

He said the firms refocusing on niche markets could entail acquisitions if the 鈥渞ight opportunity presented itself鈥�.

He also said the fall in revenue was due to a decision to switch to a single shift pattern at the firms steel fabrication facilities to meet market demand. Redundancy costs accounted for the majority of the firm鈥檚 pre-tax loss.

He added: 鈥淭here was a growing sense of order and stability in structural steel markets towards the end of 2012, helped by further small reductions in capacity as smaller players consolidated or failed. Although we expect conditions to remain challenging throughout 2013, we do foresee marginal improvement.

鈥淗aving invested accordingly to take advantage of opportunities in non-traditional, growth sectors, and with our financial strength intact, we look to the future with cautious optimism.鈥�