Firm decided against making provisions in accounts for the Grenfell tragedy
Grenfell contractor Rydon Group saw its pre-tax profits rise by 18% last year to 拢9.2m despite turnover falling by 6% to 拢228m.
The group, which provides construction and maintenance services, said it felt there was no reason to make provisions for potential losses or expenses in regard to the Grenfell tragedy.
In accounts for the year to September 2017, the firm said: 鈥淭he Grenfell Tower tragedy is rightly the subject of what is expected to be a rigorous Public Inquiry, as well as onging investigations, all of which Rydon welcomes.
鈥淲hile the outcomes of the inquiry are some time away, there are likely to be recommendations across the building product manufacture and construction sector in relation to building regulations, fire regulations and product certification.
鈥淩ydon has reviewed the specific work carried out by Rydon Maintenance Ltd and given the limited nature of the work commissioned, the approvals received in relation to it and the inter-relationship with work undertaken by other parties, no provision has been made in the accounts for any matters arising from these tragic events.鈥�
Rydon Maintenance鈥檚 pre-tax profit for the year dipped slightly from 拢5.1m in 2016 to 拢5m last year, while turnover fell 8.7% to 拢63m from 拢69m.
But the group鈥檚 construction business saw strong profit growth with pre-tax profit climbing to 拢3.3m compared with 拢885,000 in 2016. But its turnover fell by 5.3% from 拢151m in 2016 to 拢143m.
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