The two companies that form envelope specialist Lindner Prater have narrowed their pre-tax losses to a combined £3.1m.
New accounts for the year to 31 December 2023 show Lindner Prater Ltd’s turnover remained almost flat, dropping to £60.4m from £61.8m.
Lindner Prater Ltd, whose 2023 projects included Everton FC’s new stadium, the Co-op Live arena (pictured) and Gatwick Airport railway station, posted a pre-tax loss of £3m for the period, which was down from £8.8m in the year before.
In a statement accompanying the accounts, managing director Gavin Hamblett said that the firm’s balance sheet was “robust”.
He blamed the loss on completion costs on work in the Middle East and a £1.5m write-down on a sale of its investment in Prater Ltd.
During the year, the firm shut one of its two factories, at Crowborough in East Sussex, consolidating operations at its facility in Thurrock, Essex.
Prater Ltd’s accounts posted a turnover of £64m in the year, up from £31.5m in 2022. Its pre-tax loss was £127,300, significantly below the loss of £27.9m it was hit by in the prior period. It no longer takes on new contracts and only completes projects that were already active when the merger took place.
Both companies are ultimately owned by German multinational Lindner Group.
Prater Ltd’s profit was reduced significantly due to contract provisions of £28.8m, up from £16.9m in its prior year.
A note in the accounts stated that there may be further exposure to costs on long-term contracts, but the amount of exposure is uncertain due to assessments by specialists and insurers to determine which party is liable for defects or breaches of contract on the unnamed projects.
In Lindner Prater’s accounts, Hamblett added: “Looking ahead, the company’s order book for 2024 and beyond shows good prospects across various sectors including, stadia, commercial, and infrastructure projects.
“This positions the company well to capitalise on future opportunities in the construction market, maintaining a geographical spread across the UK.”
