Rydon losses deepen as building safety remediation bill reaches £31m

Rydon Group made a pre-tax loss of £4.9m in the year to 30 September.

The maintenance contractor in its accounts reported its pre-tax loss has quadrupled from the £1m it reported for the previous year.

The firm said it has invested heavily in building safety remediation, with £31m spent to date.

It said: “The group continues to be well advanced in terms of remediating the buildings it is deemed responsible for and to date we have completed, including buildings at the final stages of completion, 93% of the works required.”

Rydon’s pre-tax profit figure was also impacted by a £2.7m loss relating to the disposal of a subsidiary. Its operating profit excluding such one-off items more than doubled from £1m to £2.2m.

The group’s turnover fell from £61m to £52m.

Robert Bond, director at Rydon, said: “While economic and political uncertainties have continued, the nature of our long-term PFI contracts in our maintenance portfolio provides certainty despite increasing price pressures.”

Rydon’s maintenance arm was the contractor which carried out the refurbishment of Grenfell Tower. The Grenfell Inquiry in February 2025 criticised Rydon for failing to make it clear which subcontractor was responsible for aspects of the project and for failing to take an “active interest” in fire safety.