Robertson Residential posts £8.7m loss after write-down

Robertson Residential has posted a loss of £8.7m, following a slowdown in sales and a £5.8m write-down.

The Scottish housebuilder, in its accounts for the year to 31 March, reported a pre-tax loss of £8.7m, which followed a loss of £9m the previous year. Its operating profit dropped from £3m to £1.6m.

The profit figure was hit by a £5.8m impairment following a review of historic work in progress values, prompted by the “challenging” housebuilding market.

“This impairment relates to a change in future build plan and is not expected to recur,” the firm said.

The company also said slower market conditions hit its sales rates and forward sales positions. The group’s private housing turnover dipped by 2% to £98m, with its private completions dropping from 240 to 206 homes.

Its overall turnover however increased from £123.4m to £143.1m with its affordable housing income doubling from £22.5m to £44.9m.