The Newbury-based firm employs more than 40 staff and specialises in affordable housing, education, care and commercial projects across London and the south of England.

Latest accounts reveal the business has been under growing cash and profitability pressure, while auditors also raised concerns over the valuation and profit recognition on several contracts.

For the 18 months to June 2025, turnover reached £40m compared with £21m in the previous 12-month financial year.

But Helix fell to a £182,000 pre-tax loss from a £542,000 profit previously.

Latest accounts also disclose concern from auditors over accounting judgements on three long-term construction contracts worth £1.02m.

Auditors challenged the timing of profit recognition and the valuation applied to the contracts.

Helix directors stood by their treatment, saying they remained confident in the underlying commercial performance and anticipated lifetime profitability of the jobs.

The board said it had subsequently strengthened financial reporting, project forecasting, contract reviews and oversight following the auditor’s challenge.

Directors blamed losses on project start delays caused by planning requirements, client funding approvals and regulatory processes alongside construction cost inflation and operational problems on a small number of contracts.

They said delayed mobilisation had extended overhead recovery periods and increased working capital requirements.

The accounts, signed off in July, also warned that losses had continued since the period end and that forecasts depended on successful project delivery, achieving forecast margins and maintaining funding.

Directors said these factors represented a “material uncertainty which may cast significant doubt upon the company’s ability to continue as a going concern”.

Helix had also been investing in land-led development, western regional operations, joint ventures and an expanded senior management team.

In 2022, responding to Government calls for new SME to help tackle the housing crisis, the contractor diversified into house building through Helix Partnership Homes, targeting schemes of four to 30 homes as part of a strategy to generate its own development pipeline.