Grenfell contractor Rydon posts £9m profit

Aaron Morby 7 months ago
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Grenfell contractor Rydon Group delivered an 18% jump in pre-tax profits last year to £9.2m despite revenue dipping 6% to £227m.

The group, which delivers a mix of work from new build construction to housing estate maintenance and private house building, said it had considered its position regarding the Grenfell fire and saw no reason to set aside provisions for potential losses or expenses.

In accounts for the year to September 2017, chief executive Robert Bond, said: “The Grenfell Tower tradgey is rightly the subject of what is expected to be a rigorous Public Inquiry, as well as onging investigations, all of which Rydon welcomes.

“While the outcomes of the inquiry are some time away, there are likely to be recommendations across the building product manufacture and construction sector in relation to building regulations, fire regulations and product certification.

“Rydon has reviewed the specific work carried out by Rydon Maintenance Ltd and given the limited nature of the work commissioned, the approvals received in relation to it and the inter-relationship with work undertaken by other parties, no provision has been made in the accounts for any matters arising from these tragic events.”

The accounts revealed that the maintenance business forward order book remained strong after dipping from £415m to £446m previously. Rydon Maintenance pre-tax profit for the year remained flat at £5m on revenue down 9% to 69m.

Rydon Construction returned to stronger profitability with pre-tax profit of £3.3m compared with £885,000 previously on revenue at £143m.

Bond said that construction had picked up several projects in the south west where it aimed to expand its reach.

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