Progress for Laing O’Rourke

Contractor Laing O’Rourk reported reports solid results for the full financial year 2012/2013, and said it expected moderate growth through to 2015.

The contractor was hit with exceptional costs of £23.4 million (€27.8 million) for the year, related to an impairment in its land and development portfolio. Stripping out this additional cost, it reported operating earings of £78 million (€93 million), up 45% year-on-year.

Gross profits increased to £57 million (€68 million), up from £23.4 million (€28 million) for its financial year 2011/12.

Revenue also showed growth, and was up 2% to £4.4 billion (€5.2 billion) from last year’s £4.3 billion (€5.1 billion).

Laing O’Rourk's order book stood at £8.2 billion (€9.7 billion) at the end of the 12 month period, with 91% of revenue secured for 2013/14. The firm saw repeat orders and contract extensions from existing clients rise 71%.

Looking ahead, the company said t it expected moderate growth in revenue and pre-tax earnings through to 2015, given the prevailing market conditions.