Aminci Rydon returns to profits
Rydon Group Holdings had revenue of £146.8 million (2020: £190.5 million) and profit before tax of £3.7 million for the year ended 30e September 2021. In financial year 2020 he lost £2.5m before tax.
While Rydon Group Ltd’s accounts show a pre-tax loss of £2.7m (2020: £700,000) on revenue of £121.5m (2020: £166.7m sterling), parent company Rydon Group Holdings came out on top.
Rydon Group includes Rydon Construction and Rydon Maintenance. Rydon Group Holdings also includes the home building business, Rydon Homes.
Rydon Construction had revenue of £46.7m (2020: £101.1m) and recorded a pre-tax loss of £2.2m (2020: £100,000 profit).
Rydon Maintenance had revenue of £46.6m (2020: £49.5m) and profit before tax of £900,000 (2020: £200,000). Rydon Homes had a turnover of £19.2m (2020: £29.9m) and a pre-tax profit of £3.7m (2020: £700,000) .
In February 2021, Rydon Construction sold its regional contracting businesses Rydon LSE and Rydon SW to Paul Nicholls, a former director of Wates’ homebuilding division. Discontinued operations generated revenue of £23 million and operating profit of £1.1 million.
Rydon no longer acts as a design and build contractor except for run-off or legacy projects.
Rydon Group Ltd paid parent company Rydon Holdings a dividend of £50 million during the year. Rydon Group Holdings, owned by Robert Bond, paid no dividends.
Again, the accounts do not include any provision relating to Rydon’s exposure to actions related to its role in the Grenfell Tower fire in 2017. Rydon was the prime contractor for the cut-price refurbishment and oversaw installing the lethal liner.
In the annual report, Rober Bond writes: “With regard to the tragedy at Grenfell Tower, our assessment remains as given in our previous annual reports. We welcome the rigorous public inquiry as well as other ongoing investigations. Although the Phase 1 report has now been released, significant investigation is still ongoing in Phase 2, which began in January 2020. Phase 2 included significant evidence provided by a number of multinational product manufacturers construction used on Grenfell Tower and evidence from product certification bodies. Although the final outcome of the investigation is still a long way off, it seems clear, based on the Hackitt report (the independent review of building regulations and fire safety) and evidence shared during phase 2 , that there needs to be a broader review of building regulations, product testing and certification. Rydon has reviewed the specific work carried out by Rydon Maintenance Limited and in view of the above and the limited nature of the work ordered, the approvals received in respect thereof and the interrelationship with work undertaken by other parties, no provision has not been recorded in the accounts. for any questions arising from these tragic events.