Problem jobs meant losses at the UK business of Italian cladding firm Permasteelisa widened last year, the contractor’s latest accounts have revealed.
The firm, whose current jobs include 50 Fenchurch Street for Multiplex and 60 Gracechurch Street for Bovis, said pre-tax losses jumped from £6.8m to £10.3m in the year to March 2025. Turnover, which is all from the UK, was up a quarter to £182m.
The loss meant the firm stayed in the red for the third successive year in a row, having racked up an £11.2m loss in 2023.
It said the losses reflected “the ongoing close out of complex legacy projects, the inflationary cost pressures, contractual risk allocation on certain fixed price contracts and continued volatility in labour and the supply chain”.
The firm has begun a restructuring programme which it said had been drawn up to “improve overall project performance”.
It added the plan was “to improve the execution phase of the project to prevent any reduction in margins, through the review of the design at corporate level, the optimisation of design costs and construction costs, the definition of group standards for typical/repetitive components and methods, the evaluation of alternative make-or-buy choices”.
Permsteelisa, which is owned by US private equity firm Atlas, which also owns Bovis, said an ongoing organisational restructure would continue “aimed at improving the overall project performance” of the business.
Last autumn, chief operating officer Lee Marks went along with its group chief people officer Nathalie Lion.
Building understands the firm has been quietly sounding out potential chief executives after the firm moved then chief executive Liam Cummins into a deputy chairman role last September.
London is Permasteelisa’s biggest market and the firm said the wider group’s pipeline stood at €803m (£697) in March 2025, up from €792m (£688m) last time, with Europe accounting €312m (£271m) and the UK being the largest contributor. It said group cash at the year-end was €169m (£147m), while it remained debt free.
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