The group invested £27m during the year on remediation work required under the government’s developer remediation contract and said 87% of its buildings have now been completed or were in the final stages of repair.

Provisions for future liabilities, including potential post-Grenfell-related costs, were increased by £13.4m to a total of £19m after drawing down £7.7m during the year.

Turnover jumped 28% to £61m in the year to September 2024 as the business pivoted away from design and build housing to focus on its core maintenance operations.

The maintenance division’s forward order book dipped to £253m from £280m but remains underpinned by long-term PFI housing contracts. These allow for inflation-linked price increases, providing a buffer against rising material and labour costs.

Cash at bank more than halved to £4.9m from £11.5m, reflecting the scale of investment in fire safety works, while shareholder funds edged down to £4.5m.

Despite wider economic headwinds, the group said it continues to prioritise safety compliance and long-term value through selective work and sustained investment in its housing and healthcare.