LINDNER PRATER LTD has posted more substantial losses for the year ending 2022 after being forced to absorb losses made by sister Lindner Group company, Prater Ltd.
However, roofing and façade contractor, Prater Ltd says the £9.5m cost of remediation work partly driving the loss may be recovered from insurers after 2022’s financial year end.
The remediation work was reported to be due to a leaking roof the company had constructed for Sky’s headquarters, ‘Sky Central’ in Islesworth, London in 2016. Consisting of a series of rooflights designed by architects Amanda Levete and PLP Architecture, the 41,000m2 roof leaked almost from new, necessitating the remedial work.
Alongside the £9.5m cost of this work, Prater also reports “significant cost increases on one large residential project”. The residential project, although unnamed, is reportedly the Lewisham Gateway scheme, a £200m London development of 600 homes by main contractor Balfour Beatty, which Prater pulled out of in 2023. Together with the remedial work costs, it means Prater Ltd has made provision in its latest accounts for losses of £16.8m.
Overall, the company posted a drop in turnover of 31% to end the year with a loss of £28m.
Knock On Effect
Now merged with sister Lindner Group business, Lindner Prater, which has been owned by German firm Lindner since it bought Prater in 2011, Prater’s losses have had a knock-on effect.
Lindner Prater Losses
While Lindner Prater’s turnover increased by 74% to £62m in 2022 and operating profit before exceptional items was £1.2m, a provision of £10m was made to cover intra-group debt due from Prater Ltd. This led Lindner Prater Ltd to post an overall loss of £8.8m in its latest accounts.
However, the directors say the company retains a strong balance sheet and remains self-financing with no external borrowing and an improved cash position of £5,652,798. The report also notes the order book for 2023 and beyond is £114m.
Lindner Prater ranked 9th in the 2023 Roofing Today Top 40 list.
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