Essex based contractor Higgins Group has posted a pre-tax loss of £25.8m from a turnover of £171.9m for the year to July 31 2023.

The latest numbers compare to a £5.4m loss in the previous year from a turnover of £215.9m.

The company blamed the figures on project delays caused by second staircase rules and build cost inflation.

Further provisions were also made for building safety remediation work with £18.96m now set aside for post-Grenfell upgrades.

Higgins restructured the business during the year with £1.1m spent on redundancy payouts.

The firm said: “Higgins Partnerships project delivery was segmented into regions resulting in a significant improvement in operational efficiency whilst providing a strong platform for growth.

“The business will reap the benefit of the restructure in our current financial year.”