Firm says business hit by increased completion costs in Middle East
Roofing and facade firm Lindner Prater narrowed losses last year, its latest accounts reveal.
The firm said it was hit by increased completion costs in the Middle East and a write down of £1.5m from the sale of its investment in sister firm Prater.
Prater was merged into Lindner Prater, which has been owned by German firm Lindner since it bought Prater in 2011, three years ago.
Under the deal, Prater will not take on any new contracts with new work being carried out by Lindner Prater but it is finishing off those jobs it took on before the deal was struck in April 2021.
Pre-tax losses at Lindner Prater fell from £8.7m to £2.9m on turnover down 2% to £60m.
Prater’s turnover more than doubled to £64m while pre-tax losses were slashed from £28m to £127,000.
The £28m loss included “significant cost increases on one large residential project” the firm said in its 2022 accounts.
Prater did not name the job but last year left the Lewisham Gateway scheme, a £200m deal being carried out by Balfour Beatty to build 600 flats in south-east London.
Prater’s provisions at the end of last year stood at £29m from £17m at the start of the year.
Building has previously reported that a flagship scheme built by Mace for broadcaster Sky in west London was having to be repaired because of a leaking roof.
Prater was the original roofing contractor on the scheme but the flat roof of the 41,000 sq m building ended up being plagued by a series of leaks.
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