好色先生TV

Laing O鈥橰ourke鈥檚 European divison slumped to a 拢58m pre-tax loss in full-year results to March 2015, the contracting giant has said.

The contractor described the European result as 鈥渄isappointing鈥�, attributing the loss in part to cost inflation and delays hitting three of the first contracts to be delivered through its cutting-edge off-site manufacturing facility in Nottinghamshire.

In the notes to the results Laing O鈥橰ourke said losses on the three factory-built projects amounted to 拢61.2m, which it classed as exceptional costs.

Laing O鈥橰ourke said it had learned 鈥渟ignificant lessons鈥� from the first-generation of contracts delivered through its manufacturing plant - which it calls Design for Manufacture and Assembly (DFMA) - and the firm had committed to expanding its manufacturing facilities in the Midlands.

The firm added: 鈥淭hese three projects were substantially redesigned in order to demonstrate the benefits of DFMA, the impact of which become apparent during the year.鈥�

Laing O鈥橰ourke鈥檚 Europe hub comprises the UK business, and operations in the Middle East and Canada.

The pre-tax European loss compared to a 拢42m pre-tax profit the previous year. European revenue fell to 拢1.7bn, down from 拢2bn.

The firm made a profit overall thanks to 鈥渟trong鈥� performance in Australia. Pre-tax profit for the overall gloabl business fell 76% to 拢12.4m, down from 拢51.9m. Revenue dropped to 拢3.1bn, down from 拢3.6bn.

The firm said profit as measured as earnings before interest and tax - before exceptional costs were factored in - actually grew to 拢73.2m, up from 拢60.1m.

The firm said there was 鈥済ood underlying growth鈥� in its Infrastructure, Expanded, Crown House Technologies and Select Plant division, helping to offset some of the reduction in the UK Construction business.

Anna Stewart (pictured), group chief executive, said: 鈥淎s I said last year, we expected a challenging two years as we worked through the portfolio of projects secured in recessionary times, which are being delivered in a period of acute skills shortage and resource cost inflation.

鈥淥ur financial results, although profitable, pay testimony to this and have also inevitably been impacted by our continuing programme of investments. Our private ownership is supportive of the long-term ambitions of the business and we are confident our strategy is both attractive and commercially prudent, through the cycles.鈥�

鈥淲e expect the 2015/16 period to be equally challenging with margin improvements yielding enhanced financial performance in the 2016/17 year. Unfortunately, we are a three-year cycle business so will emerge from recession later than most other sectors.

鈥淗owever, it is difficult not to be excited by the increasingly attractive market opportunities, as our economies recover from the financial crisis. Although uncertainty remains, particularly within Europe, and the UK鈥檚 relationship with Europe, the Election outcomes in most of our geographies would seem to create the environment for medium to long-term stability.鈥�

Ray O鈥橰ourke, group executive chairman, said: 鈥淟aing O鈥橰ourke will be highly selective in pursuing opportunities that align with our value proposition. We will focus on our engineering and manufacturing capabilities. We will create certainty for our customers from the earliest engagement.

鈥淥ur investment programme supports the development of construction techniques to deliver quality, certainty and value for our customers. In May 2015, the Board ratified the Final Investment Decision (FID) to build and operate a new Advanced Manufacturing Facility (AMF) alongside our existing factory at Explore Industrial Park in the East Midlands. The new facility will use intelligent design, precision engineering and fully automated processes to deliver modular solutions that will revolutionise house-building in the UK.鈥�