The Newbury-based firm employs more than 40 people and specialises in affordable housing, education, care and commercial projects across London and the south of England.
Latest accounts show the business came under increasing cash flow and profitability pressure, while auditors also raised concerns about the valuation and recognition of profits on several contracts.
For the 18 months to June 2025, turnover increased to £40m, compared with £21m during the previous 12-month financial year.
Despite the strong increase in revenue, Helix recorded a £182,000 pre-tax loss, compared with a £542,000 profit in the previous period.
The latest accounts also reveal auditor concerns over accounting judgements relating to three long-term construction contracts with a combined value of £1.02m.
Auditors questioned both the timing of profit recognition and the valuations applied to the contracts.
Helix directors defended their accounting treatment, saying they remained confident in the underlying commercial performance of the projects and expected them to deliver profits over their lifetime.
The board said it had since strengthened financial reporting, project forecasting, contract reviews and management oversight following the issues raised by auditors.
Directors attributed the losses to delays in starting projects caused by planning requirements, client funding approvals and regulatory processes. They also cited construction cost inflation and operational issues affecting a small number of contracts.
They said delays to mobilisation had extended the period over which overheads needed to be recovered and increased the company’s working capital requirements.
The accounts, signed off in July, also warned that losses had continued after the reporting period. Forecasts were dependent on successful project delivery, achieving expected margins and maintaining adequate funding.
Directors said these circumstances 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, expanding its operations in the western region, pursuing joint ventures and increasing its senior management team.
In 2022, following Government calls for new SMEs to help address the housing crisis, the contractor diversified into housebuilding through Helix Partnership Homes. The business targeted developments of between four and 30 homes as part of a strategy to create its own development pipeline.
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