Firm previously known as Lendlease also saw turnover slide to below 拢500m
Losses on historic jobs have sent Bovis Construction into the red, the firm鈥檚 latest accounts have revealed.
The firm, which was known as Lendlease Construction (Europe) until being bought last month by US private equity company Atlas Holdings, said it racked up 拢16.4m pre-tax loss in the year to 30 June 2024, down from an 拢11m profit last time.
It blamed the slide on 鈥減rovisions made on historic contracts made against a contract type that Lendlease no longer engages in鈥�.
The firm declined to say what sort of contract it was referring to but the firm currently tends to carry out construction management and design and build work.
鈥淔ollowing developments post 30 June 2024, these balances are expected to be substantially recovered,鈥� the firm said.
It also made note of a provision made against 鈥渓ong standing receivable balances鈥�. It said it was working toward recovery of these balances but that management no longer viewed this as 鈥渉ighly probable鈥�.
>> Read more: Lendlease officially renamed Bovis after 拢35m sale to US private equity firm completes
Revenue was down 7.5% to below 拢471m in the period, which it said was the 鈥渞ealisation of depressed bidding activity鈥� during the covid-19 pandemic.
During the year, Bovis was announced as the preferred bidder on several projects, including a commercial building known as the 鈥楻epublic鈥� in the Mayfield regeneration project, as well as a new stand at Selhurst Park, the home of Crystal Palace Football Club.
The company ended the year with net assets of 拢190m, down from 拢211m, and a cash on hand balance of 拢91.2m, down marginally from 拢94.1m.
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