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 £9.2m despite turnover falling by 6% to £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: “The 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.
“While 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.
“Rydon 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.”
Rydon Maintenance’s pre-tax profit for the year dipped slightly from £5.1m in 2016 to £5m last year, while turnover fell 8.7% to £63m from £69m.
But the group’s construction business saw strong profit growth with pre-tax profit climbing to £3.3m compared with £885,000 in 2016. But its turnover fell by 5.3% from £151m in 2016 to £143m.