Rydon, the construction company that refurbished Grenfell Tower before the fire that killed 71 people, had a 50% rise in profit last year to £19m and increased the salary of its highest-paid director by 8% to £459,000.
Its accounts show directors decided not to set aside money to cover potential losses or expenses related to the blaze, after considering the company’s position.
Rydon was the lead contractor overseeing the refurbishment of Grenfell Tower between 2014 and 2016, including the installation of cut-price cladding, which was cited among factors that allowed the fire to spread rapidly.
Ministers have said the polyethylene cladding used in the refurbishment did not comply with regulations, although Labour said this week that the government’s chief fire safety adviser approved similar material as safe for tower blocks.
Rydon’s sales rose 3% to £280m for the year to the end of September, including a three-month period following the fire on 14 June.
The salary of the company’s highest-paid director, who was not named in the accounts, went up from £424,000 to £459,000.
The company said it had been helped by low interest rates and several government initiatives aimed at increasing housebuilding.
Source:
theguardian
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