While Rydon Construction suffered a pre-tax loss of £2.1m, the group’s overall performance was boosted by Rydon Homes, which contributed £3.7m, and divestments of the design and build companies in London and South West.
These two companies, which were sold for £654,000, have now been renamed Real Construction by the new owners.
As a result, Rydon Group posted a pre-tax profit of £6.1m for the year to September 2021, having previously reported a £2.5m loss.
Total turnover fell by a fifth to £141m while the average headcount fell to 515 employees.
Chief Executive Robert Bond said the group’s performance had been impacted by Covid 19, which extended building programmes, reduced customer activity and delayed receipt of third-party information such as searches of local authorities and land registers.
He added that Rydon continued to see no need to take any action in relation to the outcome of the Grenfell Inquiry and the work carried out on the building by Rydon Maintenance.
In the latest financial report, he said: “Although the final outcome of the investigation is some time away, it appears clear from the Hackitt report and the evidence shared in Phase 2 [of the inquiry] that building codes, product testing and certifications need to be reviewed more extensively.
“Rydon has reviewed the specific work carried out by Rydon Maintenance and given the above and the limited nature of the work commissioned, the permits received in relation thereto and the interrelationship with work carried out by other parties, no provision has been made in the accounts undertaken for all matters arising out of these tragic events.”
Across the group, net cash improved to £32m.