Bouygues UK has recorded a near £42 million loss in its latest results following a difficult trading period.
Turnover for the year ended 31 December 2022 was also reported at £382.6 million, compared to £483.6 million in the previous financial period.
Bouygues UK recorded a loss before tax of £41.8 million, compared to a £835,000 profit in FY2021.
After tax, the company posted a loss of £36.3 million compared to £1.1 million profit in the previous financial year.
It also recorded an operating loss of £46.2 million, down from a £1.5 million profit in FY2021.
Total income was a £36.1 million loss (FY2021: £1 million profit).
“The loss for the year arose as a result of cost increases due to inflation, availability of labour, the conflict in Ukraine and the risk of post-completion liabilities arising from recent legislative changes relating to building safety,” said the Bouygues Group subsidiary.
Its core projects in 2022 were schools, universities, student accommodation, hospitals, mixed-use and residential.
It added: “Subcontractors continued to be impacted during the year in regard to delivery of services as a result of challenging market conditions. There was a small number of failures of subcontractors working for the company during the year.
“The company continued supply chain and key supplier monitoring with regular checks being carried out with supply chain members.”
During the financial period the company issued additional share capital of £47,000, creating a total equity value of £29,245 compared to £18,414 in the previous period.
Its cash position was reported at £173,944 (FY2021: 199,946).
No dividends were proposed or paid during the financial period.
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