Osborne posts £1.76m pre-tax loss

Osborne has reported a pre-tax loss of £1.76m despite increasing its turnover 21% to £303.7m.

The company, which today posted its results for the year ended March 2008 blamed the loss on provisions it made against two contracts.

Chairman Simon Murray said the loss was “disappointing” but added: “We have continued to grow the business with a diverse portfolio of projects and have developed a strong order book.

“More than 70% of our work now comes from framework agreements and existing clients.”

The contractor said its order book stands at £242.9m for the next 12 months, with £200m worth of work secured for 2009/10.