Credit insurance saves Prater from Carillion fall-out

Building envelope contractor Prater insulated itself from fall-out from Carillion’s collapse with credit insurance.

The firm said it expected to avoid any bad debt from the Carillion’s collapse as its posted pre-tax profit up 3% to £5.8m on revenue slightly down at £98m in 2017.

This took net margin to almost 6%.

In preparing accounts directors said they had assumed outstanding contract balances of £3.5m would be recovered.

The roofing, cladding and curtain wall specialist has also expanded it operations in the North with a new Manchester office in Cheadle.

Gavin Hamblett, managing director, said that the expanded offices demonstrated Prater’s ongoing commitment to opportunities arising outside of London and the South East.

“With a permanent base, we are now able to better position our knowledgeable and experienced teams, allowing them to remain in consistent and close contact with our regional clients, helping to encourage our collaborative ethos throughout the UK.”

Over the year the firm’s headcount rose to nearly 390 staff after securing work at landmark projects at Manchester Airport, Woking town centre, Wood Wharf, and the Royal Albert Docks in east London, Waterloo Station and Hinkley Point C.

from Construction Enquirer http://www.constructionenquirer.com/2018/04/12/credit-insurance-saves-prater-from-carillion-fall-out/

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