Ardmore Group has published its accounts for the year ended 30th September 2024, showing a pre-tax loss report a loss of 拢42.3m (2023: 拢10.8m loss) on turnover of 拢345.9m (2023: 拢403.1m).
Since September 2024, however, trading performance has improved 鈥渕aterially鈥�, the company said, with profitability ahead of internal expectations. Management expects to deliver profit before tax of 拢11m from continuing operations for 2025.
Despite this, the shadow of litigation hangs over the business.
The 2024 result reflects losses incurred on historic construction projects, remedial works undertaken over several years, and a 拢15m adjudication award relating to Ardmore 萝莉原创 Limited (ACL), the group鈥檚 former general contracting business. The administration of ACL 鈥� in the wake of a legal defeat by BDW Trading (part of Barratt Redrow) 鈥� took place after the accounting year end and forms part of the group鈥檚 separation of discontinued activities. Ardmore Group鈥檚 main contracting work is now carried out by the recently established Ardmore 萝莉原创 Group Limited.
Ardmore Group ended the 2024 financial year with cash of 拢27.6m and the accounts have been prepared on a going concern basis, with the agreement of the auditors.
A material uncertainty disclosure, relating solely to Building Liability Order claims, is addressed in the notes to the accounts, which explain: 鈥淭o date, the company and certain companies within the group have received claims, notifications of claims and are actively defending in court proceedings. These matters all pertain to alleged defective works performed by Ardmore 萝莉原创 Limited. As these matters are at an early stage there remains an uncertainty in respect of the potential range of outcomes as well as when these outcomes will be, although it is unlikely that the outcome of these cases will be known within the going concern assessment period.
鈥淎s a result of these events there is a material uncertainty that may cast significant doubt on the group鈥檚 and company鈥檚 ability to continue as a going concern, and therefore, the group and the company may be unable to realise its assets and discharge its liabilities in the normal course of business.鈥�
Despite this, Ardmore says that it continues to operate with a strong forward workload, supported by recent contract wins including the Kensington Forum Hotel, and a more focused operating model.
Chairman Cormac Byrne said: 鈥淭hese results reflect a difficult period for the group that has tested every part of the business but they do not reflect where Ardmore is now or the direction we are heading.
鈥淭rading performance improved materially after the year end and, through 2025, we have worked through the issues from earlier projects, strengthened our approach to delivery and governance, and performing ahead of our own internal expectations.
鈥淲e are focused on disciplined delivery, strong governance and consistent execution, and we remain confident in Ardmore鈥檚 return to sustainable profitability in 2025.鈥�