Revenue jumps one third at housing contractor
黑洞社区 safety remediation costs kept housing contractor and developer Durkan firmly in the red for the second successive year.
The firm, which operates across London and the Home Counties, said 拢6.7m in provisions for building safety remediation in the year to November 2023 had 鈥渄irectly contributed鈥� to it recording a pre-tax loss of 拢3.9m.
Despite staying in the red, the firm managed to narrow losses from the previous year鈥檚 拢9.3m.
Revenue during the period rose one third to 拢172m, with the firm鈥檚 housing business seeing a 72% increase to 拢51m.
Durkan said there had been a 鈥渞eduction in volumes of work being put out to tender鈥� but added the housing market remained a safe bet in the long run.
It added: 鈥淲hilst there are a variety of risks that continue to exhibit an influence on the sector, the fundamental strengths in the housing market remain, with the market for refurbishment and retrofit of existing affordable housing stock growing exponentially.
The firm signed a 拢145m scheme with Greenwich Council for work at the second phase of the Kidbrooke Park redevelopment in south-east London which will be carried out over the next three years. The deal helped lift Durkan鈥檚 contracting order book to 拢202m.
Durkan said it was focussing on two-stage jobs 鈥渢o manage the risks facing the sector鈥�.
Year-end cash edged up 3% to 拢31m.
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