How many times have I reported on this company losing money? Let me think about that for a minute. Six!
The modular housebuilding arm of insurance giant L&G has stayed in the red for the sixth consecutive year with a $41,000,000 pre-tax loss. If this were a stand-alone modular factory instead of a small division of a much larger company, it would probably be closed by now.
Legal and General Capital Investments continues to support the business as it seeks to invest heavily in plans to revolutionize the housing market with factory-built modular housing.
Despite the sixth straight recorded loss, Rosie Toogood, chief executive of L&G Modular said that the firm “continues to make significant progress with projects and partners, delivering much-needed affordable, energy-efficient homes at the time of an acute energy crisis.”
You just have to wonder how long the board of L&G’s Capital Investment Group can continue to support this production-heavy but unprofitable division.
Gary Fleisher is the Editor in Chief of Modular Home Source and Offsite Builder. Email at [email protected]
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