Newly filed accounts for 2024 show pre-tax losses grew to £917,000, up from £736,000 the previous year. Turnover also saw a slight dip from £48.2m to £46.9m. The results follow job cuts made in July to navigate a “challenging market”.

The firm has also undergone a significant leadership change, with founder Steve Swindell stepping down after two decades. He has been succeeded by Stuart Holley and will continue to advise the company through 2026.

In his strategic report, Mr Swindell stated the loss was “primarily due to delays in market conditions, especially in the renewables sector”. New chief executive Stuart Holley acknowledged the difficult UK market but emphasised that Xodus has continued to build its global capabilities in areas such as carbon capture and storage.

Despite domestic pressures, the company is expanding internationally, having recently acquired US-based Daymark Energy Advisors. Looking ahead, Xodus expects increased activity in 2025, stating it is well-positioned to capitalise on the global acceleration of decarbonisation and the energy transition.