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The London-based contractor has just published delayed statutory results for the year to 30 September 2024, showing a £41m loss on turnover down 16% at £346m.
The result was dragged down by losses on legacy projects, years of remedial works and a £15m adjudication award against Ardmore Construction Limited, the group’s former general contracting business, which was placed into administration after the year-end as part of a wider break-up of discontinued operations.
Ardmore said trading since the year-end at its ongoing business has rebounded strongly, supported by a strong forward workload.
Chairman Cormac Byrne said the group performance improved through 2025 and is now running ahead of internal expectations, with profit before tax of £11m forecast from continuing operations this year and turnover edging back up to £373m.
He said: “These 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.
“Trading 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 are performing ahead of our own internal expectations.
“We are focused on disciplined delivery, strong governance and consistent execution, and we remain confident in Ardmore’s return to sustainable profitability in 2025.”
The accounts also highlight ongoing uncertainty around contingent liabilities linked to historic contracts, driven by the Building Safety Act and the expanding use of Building Liability Orders.
All current claims relate to projects delivered by ACL, though the group warned other Ardmore entities could still be drawn in depending on how the law continues to evolve.
Ardmore said it believes it holds strong positions on many claims, but stressed that outcomes and potential costs remain impossible to quantify at this stage.
Where claims are successful, the financial impact is likely to be partially mitigated through subsequent claims on the supply chain and/or other parties.
The group has already spent more than £100m on remedial works tied to extended building safety liabilities, with £75m previously agreed with insurers.
Following the £15m court judgment in favour of BDW Trading Limited over alleged fire safety defects on its Crown Heights scheme completed in the early 2000s, directors concluded ACL was no longer commercially viable and placed it into administration in August 2025.
As a result, Ardmore lost control of the subsidiary, a move that increased group net assets by £7.4m at the date of disposal.
Group revenue is forecast by the board to recover fully to £455m this year with its order pipeline expected to top £400m.