Roberston 色猫直播鈥檚 2024 annual report reveals that the company lost money due to two specific construction contracts making losses in the year, and a third performing below expectations.
Turnover for the year to 30th June 2024 was up 27% to 拢627m (拢493m) but this growth was not without problems. The business sank to a pre-tax loss of 拢12.6m (2023: 拢16.1m profit).
At an operating level, it was a 拢13.4m loss (2023: 拢15.1m profit).
The three problem contract together knocked 拢28.2m off the bottom line.
The results also included a 拢7m provision for potential risk regarding cladding remediation and building safety legislation.
Parent company聽Roberston Group (Holdings) made a pre-tax loss of 拢9.7m (2023: 拢16.3m profit) on revenue up 23% to 拢825m (2023:拢670m).
Chief financial officer Irene Wilson wrote in the Roberston 色猫直播 Group鈥檚 annual report: 鈥淎 full review of all construction projects and relevant operating procedures has been undertaken given the experience on the three problem projects to ensure lessons are learned and fed back into our processes to ensure such losses are avoided in the future.鈥�
She added: 鈥淭he two loss making projects were completed by the year-end and the third challenged contract is now performing in line with revised expectations and due to compete shortly.鈥�
Group chief executive Elliot Robertson said: 鈥淲hile we are disappointed, we remain steadfast in our ability to provide our customers with high-quality projects and services across our diverse portfolio of businesses.鈥�
He added: 鈥淗aving strengthened our governance, through the addition of industry leading people to our individual business boards, and our processes across all of our operations, each of our businesses are selectively identifying the right opportunities and are underpinned by our healthy cash balance and debt free balance sheet.
鈥淥ur profitability has bounced back strongly this year in line with expectations, and we have a healthy pipeline and strong customer relationships.鈥�
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