Byrne Group鈥檚 fit-out firm Chorus posts 拢9.6m loss after continuation of problem jobs
Byrne Group has posted a second pre-tax loss after its fit-out business Chorus continued to suffer on three problem jobs in London.
The group said in its full-year accounts to 31 May 2015, filed at Companies House, that the fit-out firm suffered with the continuation of three legacy projects 鈥渂eyond periods previously anticipated.鈥�
It added that the jobs were now completed, or nearly completed, with the full costs incurred.
In its full-year accounts to May 2014, Byrne said Chorus had suffered 鈥渟ignificant delays鈥� on the Sea Containers House hotel and office development on Bankside (pictured), and 鈥渆ncountered significant difficulties with the ground conditions, which created an escalation in costs鈥� on a high-end residential development in Westminster, Buckingham Gate.
The fit-out firm posted a loss of 拢9.6m for May 2015, down from 拢15m the previous year.
The group said strategic review of Chorus鈥� bidding strategy is now underway.
Overall, Byrne Group posted a 拢4m pre-tax loss, down from 拢12m the previous year.
Group turnover was down to 拢298m from 拢349m for the same period last year, despite the group鈥檚 concrete and building contracting arms 鈥� Byrne Bros and Ellmer 鈥� posting an increase in both turnover and pre-tax profit.
Byrne managing director Anthony Dowle said in the group鈥檚 accounts: 鈥淲hilst this has been a challenging year, the group is now in position of considerable strength, with opportunities in a London and south east market that have shown substantial growth in demand for our services.鈥�
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