Latest numbers for the year to June 30 2024 show a pre-tax loss of £12.6m compared to a £16m profit last time as turnover rose to £627m from £493m.
Robertson blamed the numbers on two loss-making contracts and a third where margins “experienced a considerable deterioration.”
The loss has sparked a review of all Robertson projects and procedures to “ensure lessons learned are fed back into our processes to ensure such losses are avoided in the future.”
Performances were mixed across Robertson’s regional structure with three of the eight divisions producing profits well in excess of their forecasts.
Robertson said the problem jobs were now closed out and the current year has got off to a strong start with a return to profitability.
Elliot Robertson, Chief Executive Officer, Robertson Group, said: “The Group delivered a strong underlying overall performance. The provisions made in relation to remedial legislation have had significant impact across the entire industry, and we have been working hard to respond to the matters that arose on the specific construction contracts.
“In line with our commitment to continuous improvement and to ensure similar issues are prevented in the future, we have implemented a series of enhancement measures across our governance, risk management and compliance processes. We have revisited our quality management procedures and introduced extensive employee training programmes.
“Across our portfolio of businesses we are well positioned to ensure a sustainable and competitive market offering and profitability in the current year has recovered. Having strengthened our governance, through the addition of industry leading people to our individual business boards, and our processes across all of our operations, each of our businesses are selectively identifying the right opportunities and are underpinned by our healthy cash balance and debt free balance sheet.
“Our profitability has bounced back strongly this year in line with expectations, and we have a healthy pipeline and strong customer relationships. Our people are committed to delivering the highest quality products and services for repeat and new customers and as we approach our 60-year anniversary in 2026, we are setting out our strategy to assure a sustainable future for the next 60 years and beyond.”
