{"id":29643,"date":"2017-01-11T10:24:23","date_gmt":"2017-01-11T10:24:23","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=29643"},"modified":"2017-01-11T10:26:31","modified_gmt":"2017-01-11T10:26:31","slug":"laing-orourke-restructure-pre-tax-loss","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/laing-orourke-restructure-pre-tax-loss\/29643\/","title":{"rendered":"Laing O’Rourke reports pre-tax losses amidst restructure"},"content":{"rendered":"

Construction contractor Laing O\u2019Rouke reveals it spent \u00a323m restructuring the firm to ensure greater productivity and reduce costs<\/h2>\n

Laing O’Rourke\u00a0reported last month that the group made an overall loss of \u00a3246m in the last financial year, and Laing O\u2019Rourke plc, which covers Europe and Canada but not Australia, also suffered a pre-tax loss of \u00a3267m.<\/p>\n

The firm<\/a> said \u00a3194m was lost from operations, \u00a373m in exceptional costs including restructuring, and \u00a343m from contracts relating to the Design for Manufacture and Assembly (DfMA).<\/p>\n

Lessons learnt<\/h3>\n

In the report, Ray O\u2019Rourke said \u201csignificant lessons have been learnt from these projects, all of which were won in 2013, a particularly aggressive price driven market\u201d.<\/p>\n

The firm underwent significant restructure last year to the tune of \u00a323m in a bid ensure greater productivity. Most of this figure was spent on redundancies, advice and refinancing costs. Average wages for the firms UK staff fell from \u00a349,400 to \u00a345,400. The highest paid director also took a hit, seeing his pay fall from \u00a31m in 2015 to \u00a3635,000.<\/p>\n

Part of the restructure<\/a> saw the firm split into separate construction and manufacturing divisions. As a result of this change some 200 jobs were lost.<\/p>\n

Furthermore, Laing O\u2019Rourke was also hit with a \u00a35.1m compensation bill for claims filed under the Construction Workers Compensation Scheme for blacklisted workers<\/p>\n

Laing O\u2019Rourke plc, a member of Laing O\u2019Rourke Corporation, saw total revenue fall from \u00a31.68bn to \u00a31.63bn<\/p>\n

However, despite all these difficulties directors at the corporation said they had every confidence they can comply with the stipulations set by the bank following a refinancing of the group last April.<\/p>\n

Difficulties in the sector?<\/h3>\n

Laing O’Rourke is not the only construction contractor to report issues with its bottom line. Earlier this week Bovis Homes’<\/a> chief executive David Richie announced he was stepping down just days after the firm warned its profits would be lower than expected. The housebuilder said it had failed to complete the number of homes it thought it would by the end of 2016, with 180 sold private homes would not be handed over to buyers by the end of 2016, which would see a shortfall in full-year profits against market expectations.<\/p>\n

Richie had been chief executive since 2008 and will be replaced in the interim by finance director Earl Sibley.<\/p>\n

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

Construction contractor Laing O\u2019Rouke reveals it spent \u00a323m restructuring the firm to ensure greater productivity and reduce costs Laing O’Rourke\u00a0reported last month that the group made an overall loss of \u00a3246m in the last financial year, and Laing O\u2019Rourke plc, which covers Europe and Canada but not Australia, also suffered a pre-tax loss of \u00a3267m. […]<\/p>\n","protected":false},"author":3,"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":[676,661,620],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-29643","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-construction","8":"tag-hr","9":"tag-laing-orourke"},"acf":[],"yoast_head":"\nLaing O'Rourke reports pre-tax losses amidst restructure<\/title>\n<meta name=\"description\" content=\"Construction contractor Laing O\u2019Rouke reveals it spent \u00a323m restructuring the firm to ensure greater productivity and reduce costs\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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