Home Commercial News Fire safety provisions push Durkan to £9.3m loss

Fire safety provisions push Durkan to £9.3m loss

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Fire safety provisions push Durkan to £9.3m loss
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According to chairman Daniel Durkan, the business might expand by doing renovation and retrofit work on homes. Operationally, the company saw a reduction in margin and turnover due to the economy. The group’s annual revenue of £132 million (2021: £137.5 million) fell short of initial projections for the year as project start dates were delayed due to cost inflation pressures and programme changes.

Due to the uncertainties around inflation and how the risk was distributed along the supply chain, Durkan also decided not to move forward with some project opportunities. The company said it had already spent £6.8 million on corrective work related to the Government’s amendments to fire safety compliance, with an additional £8.1 million set aside for future projects, reports Cricket Live Score.

According to chairman Daniel Durkan, The contracting team would focus on increased profitability through two-stage tendering, which could lead to reduced volumes in subsequent years. While orders have not been negatively harmed by the effort to avoid single-stage tenders thus far, with work secured or at bidder stage totalling £385m.

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