The company that turned Grenfell Tower into a deathtrap reports profits up 50% and anticipates no downside from the disaster

The fire in Grenfell Tower had many causes: Tory MPs protecting their rental incomes by voting down basic tenant safety; the Conservative Party's campaign against "safety culture"; but much of the blood is on the hands of Rydon, the contractor who sheathed the tower in the highly flammable cladding — and came out on top, winning the contract to undo their work on other towers that had been similarly clad.

Indeed, Rydon has had a banner year: its profits are up 50%, and it has given its highest-paid director an 8% pay rise, topping them up to a cool £459K/year. What's more, Rydon's mandatory investor disclosures indicate that the company anticipates no downside at all from the fire, apparently believing that the lawsuits that Grenfell's survivors have promised will come to nothing.

In its accounts, Rydon said "given the limited nature of the work commissioned, the approvals received in relation to it and the inter-relationship with work undertaken by other parties, no provision has been made in the accounts for any matters arising from these tragic events".

Profit at Grenfell Tower contractor Rydon rises 50%
[Rob Davies/The Guardian]

(via Late Stage Capitalism)