Ardmore Construction posts 拢5.7m pre-tax loss for 2014, blaming legacy jobs and market conditions
Legacy jobs and tough market conditions pushed Ardmore into the red with a 拢5.7m pre-tax loss in the year to September 2014.
The loss, disclosed in accounts filed at Companies House, compared to a 拢690,000 pre-tax profit the previous year.
Turnover grew marginally to 拢241m in 2014, up from 拢236m.
In its accounts, Ardmore attributed this loss to 鈥渆nsuing market conditions鈥� in the UK and more specifically to two undisclosed projects which completed during the period, but were begun in 2012.
In a statement, Patrick Byrne, managing director at Ardmore, admitted the loss was 鈥渂y no means a good results鈥�, but said that 鈥渃ompared with others in the market and news emerging this year it is not cause for concern in the round鈥�.
Byrne added: 鈥淚t is clear that the jobs secured in the years between 2009-2012 have delivered, on average, a loss overall. These 鈥渓egacy鈥� jobs had a big impact on 2014 and have spilled over into 2015.
鈥淐rucially, market conditions have improved. Our pipeline and order book is very strong and we are making changes in the business to allow us to move forward successfully. Furthermore, the current cash position in the group is strong and our main funders have renewed their support.鈥�
The group reported a strong order book having won contracts for developments that included the 拢80m transformation of the former Midland bank headquarters in London and a 拢29m contract at Greenwich Peninsula. Ardmore Construction also won a spot during the year on the 拢1bn Circle Housing framework.
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