Façade specialist Permasteelisa UK has reduced its pre-tax loss by almost half, as the firm sees improvements in its latest annual results.
Turnover for the year ended 31 March 2024 was £146.2 million up 10 per cent from £132.8 million in 2023, reducing its pre-tax loss by 40 per cent to -£6.8 million (2023: -£11.2 million).
Meanwhile, operating loss stood at £5.6 million compared to £11.7 million the year previous.
The company’s directors did not recommend the payment of a dividend.
The UK arm of the Italian contractor claimed the continued loss is due to the ongoing impact of distressed projects.
However, it saw improvement in 2024 as a result of “resolving issues around legacy projects” and the “positive performance on some jobs.”
In terms of outlook, Permasteelisa said it remains confident in the business’s future success.
The firm said in a statement: “Despite inherent market challenges, negotiations on several projects progressed well, enabling the business to achieve a sound level of order intake during the year.
“Management remains focused on securing robust order levels in the upcoming year.”
Earlier this week, the façade specialist, announced the acquisition of US cladding subcontractor, Benson Industries, for an undisclosed sum, aimed at “significantly” expanding its operations across key markets in North America.
Meanwhile, it continues to target further expansion into the luxury retail sector with the announcement of a dedicated business unit and the appointment of Antoine Cazalis de Fondouce as general manager for global growth in the luxury retail market, Last month.
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