Rydon Group has not made a profit since 2019.
In the year to 30th September 2024 the company posted a pre-tax loss of 拢1.0m (2023: 拢9.1m loss) on turnover of 拢61.0m (2023: 拢47.5m).
However, parent company Rydon Group Holdings made a small pre-tax profit last year of 拢185,000 on turnover of 拢70.1m (2023: 拢60.6m).
Chief executive Robert Bond writes in the annual report: 鈥淭he results for the year were impacted by several factors including high inflation and increased interest rates, leading to strained household budgets and dampened economic growth. There has been a degree of policy uncertainty in the run up to the July general election, albeit that there is a renewed commitment to increasing housing production from the now incumbent Labour party.
鈥淭he developer remediation contract has also placed a heavy financial burden on the build environment sector.鈥�
As a member of the Responsible Actors Scheme, Rydon has spent 拢27m on remediation works up until 30th September 2024, including 拢8m in that financial year.
Rydon was the contractor that retrofitted a flammable cladding system onto Grenfell Tower in west London, causing the loss of 72 lives in 2017 when a fire resulting from an electrical fault in a fourth-floor refrigerator rampaged out of control.