Rydon dogged by legacy fire security remediation costs

Earnings all the diagram by the guardian community fell by just about a third final year to £64m with the community managing to generate a £560,000 pre-tax profit following a £11m contribution from Rydon Properties.

Rydon Construction, which has been wound down with the exception of working by reward legacy contracts, suffered a £9.7m loss (2022:  £3.9m loss) from £0.6m earnings within the year to 30 September 2023.

Up to now Rydon has spent £19m on remedial fire security works on over 500 apartments, including the firm’s award-successful Packington Estates redevelopment in North London.

The community’s assorted important subsidiary Rydon Upkeep, which used to be fascinated with the Grenfell venture, delivered a £600,000 profit on true earnings of £43m.

Essentially the newest accounts bellow Rydon had drawn down £20m of a complete £27m provision for Grenfell following a civil circulate settlement with bigger than 900 survivors and bereaved relations of the tragedy final July.

The remaining provision used to be moreover topped up with a further £6.3m final year.

The firm said negotiations proceed with folks now not fascinated with the settlement plus emergency services and products first responders for fire and police services and products.

Money at bank fell to £11.5m from £25.5m within the prior year.