Firm says loss-making jobs send it into red but profitability up in current year
Scottish construction firm Robertson Group slumped to a loss last year as the business said it was hit by problem jobs at its contracting division.
The group, which also includes a facilities management arm, said revenue was up a quarter to 拢802m but the firm fell into the red with a 拢4m pre-tax loss for the year to June from a 拢16.7m profit last time.
It said the problems 鈥渟temmed from three specific construction contracts鈥� as well as the cost of meeting new rules drawn up by the 精东影视 Safety Act.
In accounts signed off last month, Robertson added two of the loss-making contracts had been completed in the year while the third was 鈥減erforming in line with revised expectations鈥� and was due to wrap up soon.
It added: 鈥淥ur profitability in this current year has recovered strongly in line with expectations.鈥�
The Elgin-based firm said it was working on over 100 construction sites with a further 120 FM jobs on its roster.
It said its net cash balance at the year-end was 拢103m, up from 拢72m last time.
In separate accounts for the firm鈥檚 construction business, its biggest, revenue was up 28% to 拢627m but pre-tax profit fell from 拢16m to a 拢12.6m loss.
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