The UK arm of Dutch contractor Pellikaan Group saw revenue almost halve last year to £24m from £43m previously.
This ended a five-year run of steady growth in the UK for the leisure centre specialist.
Despite the fall in sales, pre-tax profit at Pellikaan Construction remained stable at just under £200,000 in the year to December 2023.
Director Gert-Jan Peeters said the outlook now looked promising after the firm started four new projects last year, including branching out to secure its first school project in the UK.
Work started this year on the 560-place all-through Bedford Greenacre Independent School.
Based on projects under construction and orders already secured the south London-based firm said it expected revenue to return to around £40m this year.
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