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Results filed at Companies House for the year to December 31 2023 show a pre-tax loss of \u00a395m compared to \u00a320m last time on turnover down to \u00a3262.7m from \u00a3301m.<\/p>\n
The firm said \u201cFollowing the significant trading challenges experienced over the past few years, the company has carried out a comprehensive strategic review of the business during H2 2024 and the beginning of 2025.<\/p>\n
\u201cThis has assessed the challenges faced by the business including market conditions, financial performance and reduction in project funding.<\/p>\n
\u201cThe review identified an urgent requirement to restructure and resize our business in line with our current contracted workbook.\u201d<\/p>\n
Staff were told about the restructure last month and redundancy consultations are currently underway with final numbers due to be decided next month.<\/p>\n
Griffiths said: \u201cAn estimate of the scale and financial impact of the restructure cannot currently be made as this will be ultimately determined through a consultation process with employees which will extend into April 2025.\u201d<\/p>\n
The firm has been loss-making since being bought by CRH is 2018 with total losses since then topping \u00a3160m.<\/p>\n
Based in Abergavenny, Griffiths is a leading civil engineering and rail contractor working throughout Wales, the Midlands and south west England.<\/p>\n
It operates under the control of Tarmac, which itself is owned by CRH.<\/p>\n
The company blamed the latest figures on \u201csignificant losses incurred on certain large contracts entered into on a fixed-price basis.\u201d<\/p>\n
Provisions set aside for the problem contracts in the accounts totalled \u00a358m.<\/p>\n
During the year staff numbers fell from 908 to 779.<\/p>\n
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