Permasteelisa has posted an £11.2m pre-tax loss in its newest accounts.
The corporate, which was the UK’s largest envelope specialist between 2018-22, blamed inflation and legacy points for the loss within the yr to 31 March 2023.
In its earlier monetary yr, the agency, whose jobs typically contain glazing skyscrapers such The Shard and One Bishopsgate Plaza, made a pre-tax revenue of £993,777.
A press release from managing director John Conboye within the newly launched accounts put the loss right down to “resolving points round legacy tasks”.
He additionally pointed to the extremely unstable macroeconomic local weather following the Covid-19 pandemic and Russia-Ukraine struggle.
“This has led to important inflationary pressures, negatively impacting mission margins throughout the enterprise,” he mentioned.
“Elevated execution prices for some complicated tasks in [the] UK have additionally led to a discount in margins.”
He added: “Administration is dedicated within the negotiation with the primary contractors to retrieve the additional prices by means of change orders and variations, which aren’t accounted for in fiscal yr 2023 since they’re nonetheless to be formalised.”
Not one of the tasks in query are named within the accounts.
The losses embody £6m in contract provisions described as being for “the anticipated internet lack of fulfilling contractual obligations”.
Turnover on the contractor, whose ongoing jobs embody One Leadenhall within the Metropolis of London, fell barely to £132.8m, down from £137.6m the yr earlier than.
Final yr was the primary since 2017 that the corporate didn’t high the CN Specialists Index of the UK’s high 10 envelope contractors, which is ranked by income. It was crushed to the highest spot by the residential-focused Stanmore.
Permasteelisa’s rating was based mostly on its 2022 accounts, through which it posted an increase in turnover of 12 per cent.