Ofsted inspectors have found that the troubled LeSoCo further education college is continuing to show "insufficient improvement" in its academic performance.
LeSoCo was formed by the merger of Lewisham College and Southwark College.
Although the short form LeSoCo remains the college's legal name it now prefers to be known as Lewisham Southwark College.
The first phase of the redevelopment of the college's Waterloo campus in The Cut is nearing completion.
Last month Ofsted inspectors carried out their fourth monitoring visit following January's full inspection which gave the college an 'inadequate' rating.
In their latest report, Ofsted inspectors praise interim principal Ioan Morgan's work to build better links with local councils and employers as well as improving staff morale.
The report adds that "the quality of teaching, learning and assessment has not yet improved sufficiently and the post inspection action plan is not having sufficient impact in improving the experience of learners".
On attendance and punctuality, the inspection report says: "Managers and teachers do not manage poor punctuality in a suitably challenging manner.
"Attendance and punctuality in lessons continue to be poor, with some classes having around half the expected number of learners present. Lateness continues to be a significant problem in lessons."
The report also warns that "the speed of progress to improve the quality of English and mathematics provision has slowed since the time of the previous monitoring visit in May 2014".
• We have invited the college to comment on Ofsted's findings and will update this story if a response is received.