Firm says loss-making jobs send it into red but profitability up in current year
Scottish construction firm Robertson Group slumped to a loss last year as the business said it was hit by problem jobs at its contracting division.
The group, which also includes a facilities management arm, said revenue was up a quarter to £802m but the firm fell into the red with a £4m pre-tax loss for the year to June from a £16.7m profit last time.
It said the problems “stemmed from three specific construction contracts” as well as the cost of meeting new rules drawn up by the Building Safety Act.
In accounts signed off last month, Robertson added two of the loss-making contracts had been completed in the year while the third was “performing in line with revised expectations” and was due to wrap up soon.
It added: “Our profitability in this current year has recovered strongly in line with expectations.”
The Elgin-based firm said it was working on over 100 construction sites with a further 120 FM jobs on its roster.
It said its net cash balance at the year-end was £103m, up from £72m last time.
In separate accounts for the firm’s construction business, its biggest, revenue was up 28% to £627m but pre-tax profit fell from £16m to a £12.6m loss.
No comments yet