Its global earnings before interest and tax (Ebit) for the year to 31st March 2019 were 拢47.2m 鈥� an improvement of 拢74.7m. The revenue of schemes it managed for the period was 拢3.3bn - and the order book stood at 拢7.6bn at year-end.
The results to 2018 had been published in February.
However, the company鈥檚 chairman Sir John Parker said that UK construction remains in a troubled state.
CEO Ray O鈥橰ourke said: 鈥淜nowing how hard our people have worked in the past year, I am pleased to present a review that acknowledges the value of their dedication and business acumen. As promised, Laing O鈥橰ourke continues to address the challenges of ongoing market uncertainty and resulting hesitancy in both the public and private sectors. We remain committed to the core conditions that will help us lead a very different construction industry.鈥�
The Europe Hub businesses 鈥� UK, Middle East, Canada - closed the 2019 trading year with a 拢76.1m Ebit result. This was an improvement of 拢65.8m on the prior year. The Australia Hub contributed 拢1.9m Ebit. Losses from the Canadian hospital PFI have ceased.
At the year-end, the group had an order book of 拢7.6bn. In Australia, this includes several of the nation鈥檚 largest defence and urban transport projects, as well as new works in the mining sector. It said that in the UK, there has been considerable success in securing complex projects in a range of sectors, including a new cultural space in Manchester, further data centre works the Soho Place mixed-use scheme in London and further early engagement works to bring a series of residential schemes to market, particularly in Manchester.
The company said that it has insulated its operations against Brexit via detailed scenario and contingency planning, with mitigation plans for talent and skills retention, labour availability, and plant and equipment imports 鈥� all of which have been independently audited. The annual report notes no adverse Brexit impact on current, live projects.聽
Group chairman Sir John Parker praised the management team and employees for consistent delivery, closing off legacy contracts, pursuing its transformation agenda and delivering credible profits. However, he added: 鈥淯K construction remains in a troubled state. A number of key lending banks have signalled their exit from the sector; thankfully a few remain committed.
鈥淭he livelihood of some three million UK employees and the well-being of those who support and depend upon them must be secured. The country鈥檚 sustainable economic recovery and the vital need to renew our infrastructure requires the driving force of a modern and successful construction sector.
鈥淭here is now a crucial opportunity for the public sector to reform procurement processes and modernise commercial models. This can reset the 鈥榯one from the top鈥� within the industry and its broader customer base.
At the same time, construction can no longer be driven by old standards and outmoded thinking. That is why we as a Board enthusiastically support the ongoing innovative and transformational agenda of Laing O鈥橰ourke.鈥�
The company said that, on entering the latter half of the FY20 trading year, its UK businesses are all performing to plan and delivering forecast margins. The half-year Ebit to 30th September 2019 for the UK businesses is forecast at 拢39.6m a gross margin of 7.6% is being achieved across the portfolio.
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