Profit also up at private contractor despite 拢17.1m writedown on residential and mixed-use developments

Laing O鈥橰ourke has boosted turnover by 13% from 拢3.6bn to 拢4.1bn in the year to 31 March 2009.

Pre-tax profit climbed slightly from 拢81.2m to 拢85m after a 拢17.1m writedown on its residential and mixed-use developments.

Chairman and chief executive Ray O鈥橰ourke said the company was 鈥渟trong and resilient鈥� despite economic uncertainty but said it had been forced to alter its mix of clients as the recession bit.

He said: 鈥淲e have achieved a more balanced portfolio of public and private clients, with a growing emphasis in the infrastructure sectors (particularly healthcare, education, energy and transport). As governments accelerate their investment programmes, we see opportunities to benefit in these important markets.鈥�

The turnover split was as follows:

  • Europe: 拢2.5bn
  • Middle East and South Asia: 拢828.7m
  • Australasia: 拢725.6m

The company ended the year with cash of 拢614.3m and an order book of 拢10bn.

The combined pay of its 13 top executives went up by 58% from 拢3.8m to 拢6m 鈥� an average salary of 拢462,000.

According to the accounts, the combined pay of its four directors was 拢600,000, which include Ray O鈥橰ourke, S Anastasiades, V Papadopoulos and C Klerides.

The average monthly number of employees rose by 3% from 22,567 to 23,205 and the average salary was 拢36,742.

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