The group invested £27m over the year in remediation work required under the government’s developer remediation contract, reporting that 87% of its buildings are now either fully completed or in the final stages of repair. Reports Contract Journal
Provisions for future liabilities — including potential costs related to the post-Grenfell landscape — were increased by £13.4m, bringing the total to £19m. This follows the drawdown of £7.7m during the year.
Turnover rose sharply by 28% to £61m for the year ending September 2024, reflecting a strategic shift away from design and build housing to a renewed focus on core maintenance operations.
While the forward order book for the maintenance division declined to £253m from £280m, it remains robust, supported by long-term PFI housing contracts. These contracts include inflation-linked price mechanisms, offering protection against rising material and labour costs.
Cash at bank fell to £4.9m from £11.5m, highlighting the significant investment in fire safety remediation. Shareholder funds also saw a marginal decrease, settling at £4.5m.
Despite ongoing economic challenges, the group reaffirmed its commitment to safety compliance and long-term value creation through a selective approach to new work and continued investment in its housing and healthcare portfolios.
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