The façade specialist grew revenue 24% to £182m in the year to 31 March 2025, driven by strong order intake and the UK emerging as the group’s largest regional contributor.

But operating performance deteriorated, with the business posting an operating loss for the third consecutive year up to £8.5m from £5.6m a year earlier.

Pre-tax losses deepened by a third to £10.3m,

Management blamed the result on the close-out of complex legacy jobs, sustained inflationary pressure, fixed-price risk allocation and continued volatility in labour and supply chains.

Despite the red ink, the balance sheet was transformed during the year following a major recapitalisation by US private equity owner Atlas, which also owns Bovis.

Net assets swung from a £11.5m deficit to a positive £15.7m position after the capitalisation of intercompany debt and a £36.3m equity injection.

At group level, Permasteelisa ended the year debt free with €169m of cash and a secured backlog of €803m.

The UK was the single largest contributor to the order book, with management saying negotiations on several projects had progressed well despite a difficult market backdrop.

The company employed an average of 102 staff during the year, up from 89

Looking ahead, directors said the focus remains on restructuring actions aimed at tightening project execution, standardising design and construction methods and preventing further margin erosion.