Rydon makes no provision for Grenfell costs
Rydon Group, one of the companies involved in the refurbishment of Grenfell Tower before a 2017 fire that killed 71 people, has not made any provision for costs related to the disaster in its latest annual accounts.
The company, based in London and the South East, reported a 10.6% fall in group turnover to £219.8m for the year to 30 September 2018. Pre-tax profit increased to £20m, up from just under £19m the year before.
Commenting on the Grenfell Tower tragedy in its annual results filed in Companies House, Rydon said: "Rydon reviewed the specific work carried out by Rydon Maintenance and given the limited nature of the work commissioned, the approvals received in relation to it and the interrelationship with work undertaken by other parties, no provision was made in the accounts for any matters arising from these tragic events."
The company hailed "strong progress" during the year and said its construction business had been successful in its focus on mixed-use developments in London and the South East, including the Packington Estate in Islington and Green Man Lane in Ealing. It is targeting more expansion in the South West, having established a presence there around 10 years ago through its Bristol offices.
Meanwhile its maintenance business, focused on hard FM works, is involved in a number of long-term PFI contract and provides services to around 10,700 social housing properties in London and the South East.
The business also has a development arm, Rydon Homes, which operates in Kent, Sussex and Surrey, and specialist healthcare arm Ryhurst, which has delivered more than 60 NHS facilities via PFI and the Local Improvement Finance Trust (LIFT).