Permasteelisa UK Arm Reduces Loses but Remains in the Red

30/1/25

The UK division of Italian cladding firm Permasteelisa has reduced its losses but remains in the red as it works through problematic contracts.

The company, involved in projects such as the Olympia scheme for Laing O'Rourke and the delayed ITV Studios redevelopment, reported a decrease in pre-tax losses from £11.2 million to £6.8 million for the year ending March 2024.

According to the firm, the losses stem from the ongoing challenges of difficult projects. However, the reduction is attributed to improvements from resolving legacy project issues and positive performance on certain jobs.

In an accompanying statement with its accounts, signed off just before Christmas, the company noted that while disruption from the Covid-19 pandemic has largely subsided, the industry continued to face residual effects such as supply chain pressures and rising costs.

Turnover at the company, which primarily operates in London, increased by 10 per cent to £146 million.