Contractor鈥檚 full results reveal profit slipped to 拢23.4m as revenue edged up 6% to 拢3.5bn
Laing O鈥橰ourke鈥檚 pre-tax profit has fallen 22% to 拢23.4m for the financial year ended 31 March 2012.
The contractor 鈥� whose highlight of the year was the successful delivery of the London 2012 Olympic Park as part of the CLM delivery consortium 鈥� saw revenue edge up 6% to 拢3.5bn over the period, up from 拢3.3bn the previous year.
In its annual report released today, the firm disclosed its Australia-based business 鈥� which also covers Hong Kong, New Zealand and South-east Asia 鈥� grew at a faster rate than its Europe-based business 鈥� which also covers Abu Dhabi, Canada, Dubai and Saudi Arabia.
The Australian division grew its revenue to 拢1.5bn from 拢1.3bn, while the European business edged up to 拢2.8bn from 拢2.7bn.
Laing O鈥橰ourke chief executive Ray O鈥橰ourke said sales growth would be 鈥渁 challenge鈥� next year 鈥� but he added he was confident of increased activity in selected international markets.
O鈥橰ourke said: 鈥淲e are confident that 2013 will bring stronger activity, with China and the emerging nations continuing to drive their aggressive economic development plans.
鈥淲e expect major government and private-sector investment to continue in development territories in Australia, Canada and Hong Kong, where we are well-placed to generate substantial business, alongside demand from Qatar, where investment to boost international trade is increasing.鈥�
He added he was 鈥減articularly gratified鈥� that the firm was involved in the successful delivery of London 2012 venues and infrastructure and the company was 鈥渉onoured to be involved鈥�.
the firm said its managed revenue rose to 拢4.3bn for the period, up from 拢4bn the previous year. A company spokesperson told 好色先生TV that this figure included its share of joint ventures.
The statement also revealed pre-exceptional earnings before interest and taxes rose 5.3% to 拢54m, up from 拢51.3m the previous year.
The firm disclosed that its total staff numbers fell to 14,747 from 14,964, but the overall remuneration for staff increased to 拢733.9m from 拢711.9m the previous year.
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