Envelope specialist Permasteelisa has reported a global turnover of €790m (£662.9m) for the year ending 31 March 2024.
The Italian multinational also revealed it made earnings from underlying trading before interest, taxes, depreciation and amortisation (EBITDA) of €27m (£22.7m), giving the company a rough profit margin of 3.4 per cent.
But the firm also warned in its statement accompanying the accounts that “political and macroeconomic uncertainties” remained a risk in the near-term.
Permasteelisa said its unaudited financial update reflected “improved margin, positive cashflow and an increase in new orders”. The group’s net equity — a measure of its assets minus its liabilities — sat at €101m (£84.5m) at year end.
Group chief executive Liam Cummins said: “We are making good progress in building a platform to enable us to reach our full potential, against a challenging backdrop of economic uncertainty, inflationary pressures and a flat global market.
“We saw an improved gross margin and an 18 per cent increase in new orders during the period in target markets including the UK, North America and Asia.
“We remain debt-free and our balance sheet is strong with a significant cash balance, giving us a solid foundation to grow in line with our strategic plan.
“Political and macroeconomic uncertainties will undoubtedly have an impact on our markets in the near-term. We are therefore being more selective in the type of work we take on and are diversifying our global portfolio.
“I remain optimistic about the group’s future. We have the right strategy in place, a talented team to deliver it, and a very supportive shareholder group in Atlas Holdings.”
The firm has 2,900 employees operating in 23 territories across four continents.
Its UK subsidiary made an £11.2m loss in its last published accounts, covering the period to 31 March 2023, which it blamed on “resolving issues around legacy projects”.
However, it said it would seek to recoup costs from contractors via “change orders and variations”, which were not included in the accounts as they were yet to be formalised.
In July, Permasteelisa was picked to deliver the facade package on the £300m Salisbury Square development in Fleet Street (pictured), on a site run by main contractor Mace.
The company is the second-largest facade specialist in the UK, behind Stanmore, according to the CN Specialist Index 2023.
