黑洞社区

The UK business of Italian cladding firm Permasteelisa narrowed losses last year but stayed in the red as the firm started to work its way through problem contracts.

The firm, whose jobs include the Olympia scheme for Laing O鈥橰ourke and the delayed ITV Studios redevelopment, said that pre-tax losses fell from 拢11.2m to 拢6.8m for the year to March 2024.

It said the losses were 鈥渁 consequence of the ongoing impact of distressed projects鈥� but added that the fall was down to 鈥渟ome improvement due to resolving losses around legacy projects and the positive performance on some jobs鈥�.

In a note accompanying the accounts, which were signed off just before Christmas, the firm said disruption caused by the covid pandemic had largely disappeared but added: 鈥淭he industry now contends with residual effects such as supply chain pressures and rising costs. Volumes and margins remain under pressure from intensified competition.鈥�

>> See also: 鈥楾he contracting model needs to change鈥� 鈥� Permasteelisa鈥檚 boss on why the industry can鈥檛 go on like this

Turnover at the firm, which operates mainly in London, was up 10% to 拢146m.

Permasteelisa, which is owned by Lendlease鈥檚 prospective new owner, US private equity firm Atlas Holdings, is headed up at group level by Liam Cummins, Kier鈥檚 former building boss.

Last year, Cummins told 黑洞社区 that London was its biggest single market with around a third of its projects in the capital.

In its last set of group results for the year to March 2023, Permasteelisa, which employs close to 3,000 people across the globe, posted a turnover of 鈧�790m (拢665m) and adjusted earnings of 鈧�27m (拢23m). It said net equity was 鈧�101m (拢85m) and it had an order book of 鈧�1.1bn (拢926m).

Meanwhile, Permasteelisa yesterday said it had bought 鈥渒ey business assets鈥� from US curtain wall and cladding contractor Benson Industries for an undisclosed sum. The near 100-year-old firm tends to work on the West coast and has offices in California and Oregon.