ROBERTSON Group has announced a 23% increase in revenue to £825 million for the year ended June 2024. However, a pre-tax loss of £9,724 million was recorded, which the business attributed to performance in three specific construction contracts and provisions made in relation to The Building Safety Act and the Housing (Cladding Remediation) (Scotland) Bill.
Revenue was in line with forecast, following a year of ‘mixed’ trading performance across the portfolio with a number of the group’s companies delivering ‘outstanding’ results.
CEO Elliot Robertson said, “The group delivered a strong underlying overall performance. The provisions made in relation to remedial legislation have had significant impact across the entire industry, and we have been working hard to respond to the matters that arose on the specific construction contracts.
“In line with our commitment to continuous improvement and to ensure similar issues are prevented in the future, we have implemented a series of enhancement measures across our governance, risk management and compliance processes. We have revisited our quality management procedures and introduced extensive employee training programmes.”
The group has maintained a debt-free balance sheet and improved its cash position from £58 million to £82 million.
Elliot Robertson added, “While we are disappointed, we remain steadfast in our ability to provide our customers with high-quality projects and services across our diverse portfolio of businesses.
“The group has experienced substantial growth, with six clearly defined and separate operating businesses, represented by 19 trading entities across the UK. Each businesses’ board has been further strengthened through the addition of sector-leading people and a clear strategic plan focussed on their customers and local markets.
“Our strong balance sheet means that each of the businesses, with a combination of excellent people and stringent processes, are in a strong position to assure a sustainable future for our employees, customers, business partners and the communities we serve.
“Following enhancement to our governance and risk management framework, each business undertakes a complete project and service gateway process which is critical to the success of the group and our customers.
“Throughout the year, we have never lost sight of our number one priority, the health and safety of our employees, customers, supply chain and anyone else who comes into contact with our operations. An industry leading drugs and alcohol testing programme has led to measured improvements across the health and safety environment.”
Robertson added that it has been climate positive since 2020, and by 2030 aims to generate zero emissions from its offices, commercial fleet and construction sites within its operational control while delivering Biodiversity Net Gain (BNG) on its projects. Part of the firm’s 2030 plan is to have a net zero fleet and with 79% of the fleet now electric, the group said the aim to eliminate internal combustion engines should be met in advance of the target date.
During the course of the year, the group was recognised for its commitment to people and the workforce, including Gold Investors in People and Platinum Investors in Young People accreditations.
Elliot continued, “Across our portfolio of businesses we are well positioned to ensure a sustainable and competitive market offering and profitability in the current year has recovered. Having strengthened our governance, through the addition of industry leading people to our individual business boards, and our processes across all of our operations, each of our businesses are selectively identifying the right opportunities and are underpinned by our healthy cash balance and debt free balance sheet.
“Our profitability has bounced back strongly this year in line with expectations, and we have a healthy pipeline and strong customer relationships. Our people are committed to delivering the highest quality products and services for repeat and new customers and as we approach our 60-year anniversary in 2026, we are setting out our strategy to assure a sustainable future for the next 60 years and beyond.”
