OFT fine hits profit at Prater
00:00 15 Nov 2006
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Prater, the envelope contractor involved in roofing, cladding and curtain walling activities, enjoyed a surge in turnover to £39m last year.
However, annual financial results (to 31 December 2005) show a dip in pre-tax profit to £870,000 (£1.3m). Part of the trimming back in profitability was the result of a £270,000 exceptional item, representing a fine that the company received from the Office of Fair Trading. The company said that it related to “an isolated event over five years ago”.
Prater’s turnover in 2004 was £27m.
The company’s orderbook has continued to grow and the directors expect continued expansion and a rise in profitability during 2006.
Prater’s balance sheet showed a growth in net assets to £1.5m (£1.0m), while the cash flow statement showed net debt trimmed back to £380,000 from the previous year’s £1.1m.
Staff numbers run to 128, of whom 86 are involved in production.
[Contract Journal, 15 November 2006, p 10]