O'Keefe Construction doubles profit to £1.5m
16:12 17 Sep 2008
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O’Keefe Construction (Greenwich) has doubled its pre-tax profit to £1.5m thanks to having moved on from the impact of previous loss-making contracts.
The group’s latest financial results cover the 12 months to 31 May 2008.
Turnover ran to £32m (previous year’s figure: £25m). The pre-tax profit in 2007 was £670,000.
O’Keefe’s main activities are:
- Civil engineering
- Encompassing groundworks
- Basements
- Structural refurbishments
- External works
- Soil remediation
- Soil stabilisation
The directors said they were pleased to be reporting a second successful year since the introduction of a revised business strategy in 2006.
“The previous two financial years were severely impacted by some contracts which had run on over both financial years with resultant substantial losses,” they reported. By contrast the current year’s figures “benefited from well-negotiated and expertly delivered contracts”.
O’Keefe produces foreign language manuals for workers whose first language is not English.
The list of nine key performance indicators used by O’Keefe includes:
- Reportable injuries per 100,000 hours worked
- Concrete and rebar usage vs. turnover (to control wastage and over-stocking)
- Staff turnover by role
- Non-chargeable time analysis
During the year O’Keefe concentrated on large groundworks projects and expansion in the group’s soil remediation business. Other construction work was only undertaken when it included a significant proportion of groundworks and soil remediation.
“Within these core operations we will continue to expand our target markets,” said the directors.
The existing client base has a strong emphasis on commercial clients and education projects.
O’Keefe has secured two Olympic-related contracts to date.
The average number of staff ran to 146 individuals involved in site labour and a further 37 in administration. The wages and salaries bill ran to £8.8m.
The highest-paid director’s salary was £203,000, a rise on the previous year’s figure of £107,000.