{"id":135264,"date":"2023-11-30T12:03:49","date_gmt":"2023-11-30T12:03:49","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=135264"},"modified":"2023-11-30T12:03:49","modified_gmt":"2023-11-30T12:03:49","slug":"pre-tax-loss-288-1m-laing-orourke","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/pre-tax-loss-288-1m-laing-orourke\/135264\/","title":{"rendered":"Pre-tax loss of \u00a3288.1m for Laing O’Rourke\u00a0"},"content":{"rendered":"

Group accounts from Laing O’Rourke<\/a> report a pre-tax loss of \u00a3288.1m for the year to March 31 2023<\/h2>\n

After last year’s pre-tax profits of \u00a32.7m, Laing O’Rourke has posted a \u00a3288.1m loss in 2023, citing “extremely challenging market conditions<\/a>.”<\/p>\n

Revenue and turnover rose in multiple regions, but substantial pre-tax losses were reported across the globe.<\/p>\n

Laing O’Rourke’s Europe operations grew turnover from \u00a32.18bn to \u00a31.84bn, but almost tripled their profit in the wrong direction, with last year’s \u00a356.3m profit becoming a \u00a3148.7m pre-tax loss in 2023.<\/p>\n

In Australia, pre-tax losses hit a staggering \u00a3101.7m from \u00a36.7m last year, as turnover rose from \u00a31.19bn to \u00a31.13bn. This was partially impacted by a historic contract in Australia that was terminated six years ago but still remains subject to arbitration.<\/p>\n

Having started the current financial year with a record order book of over \u00a310bn, the company said that inflation severely affected profit margins on UK contracts.<\/p>\n

Despite the pre-tax losses, Laing O’Rourke remains positive about the future year<\/h3>\n

Chief financial officer Rowan Baker said: \u201cI am encouraged by the fact that in FY23 we delivered strong pre-exceptional group revenue growth of 13% (to \u00a33.4bn) versus FY22, ended the period with gross cash of \u00a3428.1m, net cash of \u00a3286.3m, and added \u00a31.4bn to our group order book. These are positive indicators for our future performance.<\/p>\n

\u201cTogether with the whole UK construction sector, we were presented with extremely challenging market conditions during this trading period. Unprecedented inflation<\/a> impacted margins on a small number of our fixed-price projects in the UK. While it had no immediate cash impact, provision for an exceptional item on a legacy project in Australia added to our loss.<\/p>\n

She added: \u201cWe have seen strong performance across the business in the first half of the current financial year. Our revenue increased 22% versus the same period prior year and results are well ahead of management\u2019s expectations at \u00a331.4m EBIT.\u201d<\/p>\n

Chief executive Ray O’Rourke emphasised the need for manufacturing-led methods of construction<\/h3>\n

In the company’s annual report, O’Rourke commented that \u201cduring my long career, I cannot recall such a sharp surge in costs.”<\/p>\n

\u201cThe sector must embrace a technology and innovation-enabled shift to manufacturing-led methods of construction.<\/p>\n

\u201cIt is the only way to change the nature of the work we do. Making such a shift will enable us to attract a much more diverse range of people to the best industry there is and achieve a step change in productivity which will give clients certainty.<\/p>\n

“It will also help create a more sustainable built environment<\/a> and improve the health, safety, and overall wellbeing of our greatest asset \u2013 the people who pick up the tools every day to deliver.\u201d<\/p>\n

He also stated that “with a record order book and a return to profitability in the first half of FY24, I remain very positive about the future.”<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Group accounts from Laing O’Rourke report a pre-tax loss of \u00a3288.1m for the year to March 31 2023.<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[283,620],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-135264","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-finance","8":"tag-laing-orourke"},"acf":[],"yoast_head":"\nPre-tax loss of \u00a3288.1m for Laing O'Rourke\u00a0<\/title>\n<meta name=\"description\" content=\"Group accounts from Laing O'Rourke report a pre-tax loss of \u00a3288.1m for the year to March 31 2023, down from a \u00a32.7m profit last year\" 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