Pre-tax profit rises to £44.5m as contractor aims to increase tunrover to £5bn in 2008
Pre-tax profit has jumped 30% at Laing O’Rourke after a string of large high-profile contract wins at the UK’s largest private contractor.
It made a £44.5m profit in the year ending 31 March 2007 on a £3.5bn turnover, which was an increase of 33%.
Next year the contractor is aiming to increase turnover to more than £5bn, which make it the UK’s second biggest contractor after quoted company Balfour Beatty. It is targeting 8% gross margins.
Chairman and chief executive Ray O’Rourke said that highlights in the year included the appointment of CLM – of which Laing O’Rourke is a member – as delivery partner to the ODA, as well as the acquisition of Barclay Mowlem in Australia.
He also cited its joint venture agreement with Aldar, the biggest developer in Abu Dhabi, to carry out all its construction work over the next ten years.
“Our clients rightly set us ambitious challenges. We seek to meet their demands through collaboration and the pursuit of innovative engineering solutions,” said O’Rourke.
“We are organising and training to work smarter. We will remain at the forefront of fresh thinking in this industry.”
Laing O’Rourke now employs almost 27,350 people, boosted by the fact that it uses a directly-employed labour force.
The order book rose by almost half to £8.4bn.