In the year to 30th November 2023 Durkan Holdings made a pre-tax loss of 拢3.9m ( 2022: 拢9.3m loss) on turnover up 30% to 拢172m (2022: 拢132m), with volumes returning to pre-pandemic levels.
At an operating level, the group loss was 拢4.3m, down from a 拢9.5m operating loss the previous year.
Cash balance grew slightly over the year, from 拢29.9m to 拢30.9m.
The house-building division turned over 拢50.8m in the 20-23 financial year (2022: 拢29.5m), while the contracting division turned over 拢100.6m (202: 拢85.3m).
During the year Durkan鈥檚 contracting division signed its largest contract to date, the 拢145m Kidbrooke Park phase two scheme for the Royal Borough of Greenwich, boosting the division鈥檚 order book to 拢202m.
The refurbishment division contributed 拢16.9m to group turnover (2022: 拢16.6m). While this was only an incremental increase, Durkan secured places on a six more frameworks during the year, boosting its local authority pipeline.聽
The financial results were once again impacted by remediation provisions. Durkan has already completed 拢8.9m of remedial work necessitated by post-Grenfell compliance changes, and has made provision for a further 拢12.6m of future remedial work.
Executive chairman Danny Durkan said: 鈥淗aving reported a loss in 2022, I am pleased to report a return to profitability in 2023 with a bottom line [after tax] retained profit of 拢0.5m. This has been achieved whilst also having to make further provisions in the period for legacy projects where changes in guidance and regulatory compliance around fire safety have required our ongoing focus, with the group carrying total provisions of 拢12.6m forward into 2024 having provided an additional 拢6.7m in the year.鈥�
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