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Contractor Laing O鈥橰ourke this week revealed that profit in the last year rose by almost half to 拢34m. The news came as Ray O鈥橰ourke, the chief executive, outlined global expansion plans.

The firm鈥檚 accounts for the year to 31 March show that pre-tax profit rose 44% as a result of what O鈥橰ourke described as 鈥渁 balanced performance鈥� after 鈥渁n escalation of commodity prices hit us last year鈥�.

The results come five years after O鈥橰ourke bought Laing for 拢1, in which time turnover has almost quadrupled to 拢2.6bn.

O鈥橰ourke said he intended to develop his business globally by organic growth, rather than through acquisitions.

He has split the company into three hubs: a European centre, an Asian and Middle Eastern hub and an Australian one.

Within its European business, Laing O鈥橰ourke has created a division called Explore Capital to manage development and investment projects, including PFI and commercial and residential property development.

On the firm鈥檚 Middle Eastern operations, O鈥橰ourke said it had a big presence in Dubai and a smaller one in Abu Dhabi, which it is looking to expand because of government investment there.

It is the most prestigious project in Europe. It鈥檒l be quite intense, but exciting in terms of innovation

O鈥檙ourke on the 2012 Olympics

He ruled out acquisitions in the Gulf, saying growth would be achieved organically, with Oman and Qatar as focuses.

O鈥橰ourke said the company was also planning to expand further in Australia, after its acquisition of contractor Barclay Mowlem for 拢30m in June. He said: 鈥淭he Australian government has a huge amount of opportunity because it has had a lot of success exporting minerals.鈥�

O鈥橰ourke also spoke of being part of the winning consortium for the role of Olympic delivery partner. 鈥淚t鈥檚 the most prestigious project in Europe,鈥� he said. 鈥淚t鈥檒l be quite intense, but exciting in terms of innovation.鈥�

Innovation, he added, had to become 鈥渁 cultural norm across the organisation, whether it be continuous improvement or major step-change ideas鈥�.

Operating margins rose from 1.3% to 1.8% compared with the previous year, and earnings before interest and tax hit 拢41m, a rise of 56%. The wages and salaries bill for the year hit 拢546m, with the highest paid director receiving 拢404,000. The firm鈥檚 best paid staff were project leaders earned an average of 拢76,000 last year, a 7% increase.

Asked about his plans for the company, O鈥橰ourke said: 鈥淚 never discuss my ambitions.鈥�