Contractor says underlying profitability has improved

Osborne鈥檚 pre-tax profit has nearly halved after the contractor closed a number of legacy contracts.

In financial results for the year to March this year, pre-tax profit fell 46% to 拢3m, down from 拢5.6m the previous year, on revenue of 拢342m, up 11% on 拢309m.

The contractor, led by chief executive Andy Steele (pictured), said the underlying profitability of both its infrastructure and property businesses improved 鈥渟ignificantly鈥� over the period. But this was offset 鈥渂y the final settlement of a small number of legacy construction projects won during more challenging market conditions鈥�.

Osborne - which files accounts as Geoffrey Osborne Limited - said its infrastructure business picked up more orders with clients Network Rail and Highways England over the period. Its overall order book increased 4% to 拢445m.

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