Laing O’Rourke sees profits rise by 144%

Grant Prior 11 years ago

Laing O’Rourke has enjoyed a surge in group pre-tax profits and is confident of hitting its financial targets this year.

Latest results for the UK’s largest private contractor show pre-tax profit rose 144% to £57m for the year to March 31 2013.

The profit boost came as revenue ticked-up to £4.4bn from £4.3bn last time and group gross margins hit 9.3%

Profits in the UK were down on last year but the dip was countered by a strong performance overseas.

Total revenue at the Europe Hub – including the UK – fell to £1.95bn from from £2.16bn as pre-tax profit dropped to £51.2m from £75.4m.

The figures were hit by a £23.4m write-down on the group’s land and development portfolio but O’Rourke’s net cash position across the group improved by £89m to £410m.

Staff numbers at the Europe hub increased to 11,208 from 11,048 and the average salary hit £50,000.

O’Rourke was also keen to highlight its tax payments following recent criticisms.

The company said it made a “group tax charge of £13.2 million, which equates to an effective tax rate of 23.2% in 2012/13.”

O’Rourke said it now boasts an £8.2bn order book and has secured 91% of revenue for 2013/14.

Callum Tuckett, Group Finance and Commerce Director said: “The Group has performed well and, as we had planned, built additional resilience in 2012/13.

“We have an appropriate capital structure, good cash flows and a strong order book providing sufficient financial resources, which combined with a Unique Business Offering and long term relationships with major clients across high value sectors, puts us in a strong position to move forward with confidence.”

To read the full results and review click here

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