Avant said the jump in its provision reflected more buildings being identified in need of remediation and revised cost estimates factoring in inflation.<\/p>\n
The accounts confirm the group is also in talks with the Ministry of Housing, Communities and Local Government to defer payments owed to the Building Safety Fund, a move that could ease short-term pressure on cash flow.<\/p>\n
The house builder also flagged a potential \u00a370m extra exposure in Scotland under new legislation mirroring the Building Safety Act \u2014 though that cost is not yet included in the books.<\/p>\n
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<\/a><\/div>\n<\/div>\n\u201cWe continue to develop a more detailed understanding of remediation costs… the level and cost of the remedial work will become increasingly clearer as we move through this process,\u201d the company said.<\/p>\n
Despite the scale of the hit, Avant has reduced net bank debt from \u00a3145m to \u00a3117m and still has access to a \u00a3250m revolving credit facility.<\/p>\n
Revenue slipped 3.6% to \u00a3465m while private average selling prices rose slightly to \u00a3310,000.<\/p>\n
Social housing completions dropped to 185 units (down from 287), while PRS homes jumped to 319 units from just 7 the year before.<\/p>\n
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