Laing O'Rourke posts 26% jump in turnover

Laing O’Rourke’s turnover jumped by more than a quarter to £3bn last year, according to its latest financial results.

In the year to 31 March 2007, turnover increased by 26% from the previous year’s figure of £2.3bn, as pre-tax profit climbed 30% to £44.5m (2006: £34.2m).

The order book at year end was £8.4bn compared with £5.6bn in 2006.

The highest-paid director took home a salary and pension package of £609,000, up by more than 50% on last year’s sum of £404,000.

Chairman and chief executive Ray O’Rourke said: “We have delivered exceptional growth across the group, which we have reinvested into our strategic vision of developing human capital, investing in new construction methodologies and growing our Explore Capital business.”

The company made a £10.9m bad debt provision after client Windsor Developments (Liverpool) went into administration on 17 March this year, although it expects to recover the sum.

Finance director Iain Ferguson said: “Our group order book is strong across all key areas of the business, with some 86% of next year’s revenues accounted for, while we continue to forecast significant levels in the order book two or more years out.”

Although hours worked across the group increased from 90 million to 140 million, the accident frequency rate dropped from 0.31 to 0.25.