The economic impact of Russia's invasion of Ukraine led to family-owned construction group losing £13m during 2022, new documents have confirmed.
Bolton-headquartered Seddon Group had previously reported a pre-tax profit of £8.5m in 2021.
Group turnover also fell from £225.2m to £169.7m over the same period.
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Seddon Group has worked on projects such as in Piccadilly Gardens, Derby Arena and Media City as well as for companies including Travelodge, the Co-op, Premier Inn and Vue.
A statement signed off by the board said: "Our industry has faced significant challenges during 2022, including inflation and the availability of both materials and labour.
"Headline inflation increased significantly and erratically following the invasion of Ukraine by Russia.
"The initial driver of this was the pressure on the world's energy markets which resulted in construction sector inflation outstripping general inflation as many of the materials used in construction are heavily dependent on energy.
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"Parts of our supply chain were also disrupted where materials had previously been sourced from either Russia or Ukraine.
"Inflation has put pressure on our supply chain, such that we have seen several failures of key sub-contractors throughout 2022.
"This secondary cause of inflation increases our costs further due to the disruption and increased cost of securing alternate sub-contractors."
On its losses, the group added: "The loss has primarily arisen on our larger build contracts which had been signed prior to the Russian invasion of Ukraine.
"These contracts, with the total contract value in excess of £100m and which were of a duration ranging between 18 and 36 months, were all on a fixed price basis with our customers.
"Our supply chain has been unable to deliver within the original budget and we have therefore been faced with a combination of supply chain failures and significantly increased costs.
"The financial position on each of these contracts was reviewed at the year end and full provisions were made in the 2022 accounts for all anticipated future losses on these contacts.
"Since spring 2022, an inflation clause has been included in all of our contracts where we deem an inflation risk is present.