L&G Modular, set up by the firm in 2016 to produce 3,500 factory-built homes a year, fell to a pre-tax loss of $135.3M for the 2019 calendar year, without reporting any revenue.
The only income the firm received was from the sale of some fixed assets, interest payments, and huge tax credit, which reduced its full final loss to $32.5M. A spokesperson for the business said the losses were to be expected given the investment in innovation necessary to “transform the way homes are built.”
The loss is the fourth consecutive loss reported by the firm, which originally said the first homes would be rolling off the production line by June 2016, but, prior to 2020 had only delivered prototypes and one small development.
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