Chief executive Robert Bond blamed the impact of Covid for the poor performance of the group across three operating divisions – Rydon Construction, Rydon Homes and Rydon Maintenance.

“The results for the year were impacted by Covid-19 which extended construction programmes, reduced client activity and delayed receipt of third party information such as local authority and land registry searches, and extended mortgage survey and approval processes during the lockdown period,” he said.

The main business Rydon Construction managed to deliver a £65,000 profit after revenue fell 15% to £101m.

The business continues to target a strategic expansion further into the south west where it is now well placed to deliver developments.

Rydon Homes was hardest hit in the year to September 2020, with pre-tax profit slumping from £9.8m to £700,000, while Rydon’s maintenance business also managed to just breakeven delivering £200,000 in pre-tax profit, down from £1.8m previously after revenue fell 11% to around £50m.

Rydon said there continued to be a need for a provision in the accounts relating to the Grenfell Tower tragedy.