Durkan Group has posted a shortening of its pre-tax loss, while its turnover rose by 28% compared to 2022.
The loss before tax at Durkan also decreased 28% year-on-year to £1m during the year ended 30 November 2023, according to its latest accounts filed with Companies House.
The group, which launched in 1955, attributed its loss in 2023 to the £6.7m of provisions it made looking into its current and legacy buildings to identify defects and issues for which it might have an obligation to remediate.
The rise in Durkan’s turnover to £170.5m was attributed to its live design and build contracts including the projects managed and delivered by its refurbishment and retrofit team. It also benefited from the turnover raised from the pre-consultation services agreement of Kidbrooke Park Phase 2.
Durkan was appointed to the project in 2023 and will deliver £143m of value over the next three financial years.
Over the year, Durkan’s refurbishment and retrofit team added six new frameworks to the business and secured £27m of work for 2024 and 2025.
The company generated £3.3m gross profit, attributing it to its housebuilding arm, Durkan Homes, which exceeded a £50m turnover for the first time.
The group expects growth over the next five years, with around 165 mixed-tenure homes set to be delivered over the coming 12 months, and land acquired across Essex, Hertfordshire and Cambridgeshire providing scope for a further 750 homes.
Danny Durkan, executive chairman, of Durkan Group, said: “I’m pleased to report a return to profitability and a robust balance sheet, despite challenging macroeconomic conditions. As we look forward to future growth, our focus remains on a disciplined approach.
“This will allow the business to invest in further land opportunities as they become available, and maintain its focus on investing in our people, and in retaining the levels of customer service and quality our customers have come to expect.”
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