Cladding Issues3 Feb 2021 16:18
From the full year results in January 2021.
Gross profit was £75.9 million (FY19: £80.0 million), while operating profit was £51.7 million (FY19: £55.6 million) before exceptional charges of £20.5 million (FY19: £2.6 million). The exceptional charges mainly relate to the anticipated cost of remediating cladding on past developments, as well as additional costs and impairment charges incurred as a result of the pandemic. The pre-exceptional operating margin was 14.6% (FY19: 14.8%).