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Herts building contractor Durkan narrows losses

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Herts-headquartered building contractor Durkan Limited has suffered a second year of losses in its latest results. 

Daniel Durkan, executive chairman. Credit: Durkan Limited.

Turnover for the year ended 30 November 2023 was £170.5 million, up from £133.2 million in FY2022, which it said reflected continued output across its Design & Build contracts as well as growth via its Refurbishment & Retrofit team.  

The business reported an operating loss of £4.7 million compared to a £12.4 million loss the year prior – and a loss for the year of just over £1 million (FY2022: £12.4 million loss). 

During the period, Durkan made a £6.7 million provision for remediation of current and legacy buildings in its substantial portfolio to improve fire safety, which it said “directly contributed” to it making a more than £1 million loss.  

Meanwhile, its Refurbishment team added six new framework contracts to its works book in FY2023, achieving 17 in total, and recorded an initial £27 million of secured work for 2024/25. 

At 30 November 2023, Durkan reported a “healthy” contracting order book value of £202.3 million. 

Net assets were valued at £30.7 million (FY2022: £32.7 million). 

The directors did not recommend payment of a final dividend, having paid an interim dividend of £1 million (FY2022: £Nil).  

The company was founded in 1970 by William Durkan, who moved to London from Bohola, County Mayo, in Ireland, in 1955, to pursue a career in construction. 

“The management team are confident that the outlook remains strong with the team having invested time in growing our presence in the Refurbishment and Retrofit space, whilst also focusing on the provision of excellent service and quality through all projects,” said Durkan. 

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