Building envelope specialist, Lindner Prater, has reported an improved financial position in its latest trading update – while still declaring a series of losses.
While turnover for the year ended 31 December 2023 was £60.4 million, down just slightly from the £61.8 million achieved in the previous financial period, the business generated a pre-tax loss of £2.9 million (FY2022: £8.8 million loss).
The Surrey-headquartered business also reported an operating loss last year of £2.8 million, an improvement on the £8.7 million loss recorded in the prior financial year.
It said the result was primarily due to increased completion costs on projects in the Middle East and a write-down of £1.5 million from the sale of the investment in Prater Limited.
“Despite these challenges, the company maintains a robust balance sheet and remains self-financed without any external borrowing,” said the business
Adding: “Looking ahead, the company’s order book for 2024 and beyond shows good prospects across various sectors including stadia, commercial and infrastructure projects.”
At the year end, Lindner Prater’s balance sheet had net assets and total equity of £7.5 million, a slight decrease from the £10.5 million recorded the year before, with healthy cash reserves too of £2.6 million (FY2022: 5.6 million).
The business posted a loss for the year of £2.9 million, ahead of the £9.1 million loss it posted in the prior trading period.
Lindner Prater works with blue-chip main contractors and clients, providing specialist building envelope solutions including roofing, cladding and curtain walling.
Its key market sectors include infrastructure, stadia, healthcare, commercial, defence, residential, transport, education and energy.
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