Italian contractor, Permasteelisa’s UK arm has achieved a 25 per cent rise in turnover, reaching £181.8 million, but the company is facing widening losses due to persistent challenges.
Pre-tax losses increased to £10.3 million in the year ended 31 March 2025, up from £6.7 million in 2024, as the envelope specialist continued to grapple with complex legacy projects, inflationary pressures, and risks associated with fixed-price contracts.
The company recorded an overall revenue stream of £181.8 million, a 24.3 per cent increase from £146.1 million, but incurred an operating loss of £8.5 million (FY2024: £5.5 million loss).
The company’s receivables reached £42.9 million, with creditors were owed £40.6 million within the year.
And while its net assets rose to £15.6 million (FY2024: £11.5 million in liabilities), cash reserves only came in at £35.
In response, Permasteelisa has initiated a strategic restructuring plan, costing £752,331 in the year, aimed at improving project execution, controlling costs, and enhancing operational efficiencies.
The restructuring is designed to stabilise margins, streamline project management, and address the risks impacting profitability.
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The company, however, remains committed to its long-term growth, with negotiations on several projects “progressing well”, contributing to a stronger order intake, and an improved financial position following recapitalisation of debt owed to its parent company, Permasteelisa.
“The directors remain confident in the business’s future success, consistent with prior years,” said bosses.
“Management is constantly focused on the implementation of the restructuring actions reflected in the group’s business plan.
“These actions are divided into two main areas of intervention with the aim of improving the company and overall project performance.”
It follows last September’s strategic shakeup which saw Liam Cummins transition from chief executive officer to deputy chairman.
His role now focuses on driving growth across Permasteelisa’s four global regions, with regional leaders in place to oversee operations in Europe, North America, Asia, and the Middle East
Cummins works alongside executive chairman Peter Bacon, who is also a partner at Altas Holdings, the US private equity firm that acquired Permasteelisa back in 2020.
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