Firm says covid and problem contract put it firmly in red
Fa莽ade and cladding specialist Prater sank into the red last year with the firm blaming the impact of covid-19 and a problem job for its financial woes.
The firm, which has been owned by German firm Lindner for the past decade, said it racked up a 拢9.4m pre-tax loss last year from a 拢2m profit in 2019.
Prater, whose recent projects in the past few years have included the Stirling Prize-winning Bloomberg building in the City of London as well as the new No1 Court at Wimbledon, both completed by Sir Robert McAlpine, said turnover slipped 30% to 拢65m.
In accounts filed at Companies House, it said covid and Brexit uncertainty had eaten into its bottom line while it had to make a provision for remedial work on 鈥渙ne significant project鈥�.
It added that it had been forced to cut staff numbers with the accounts showing the average number of people employed at the business was down 30% to 261.
Prater, which was handed 拢1.1m in government grants during the period, said its order book for the current year and beyond 鈥渞emains strong鈥� thanks to HS2, nuclear and other infrastructure projects.
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