Laing O’Rourke reports £141m UK construction loss
Laing O’Rourke has reported a pre-tax loss of £141.3 million for its main UK construction business for the year to March 31 2016.
The deficit, which emerged as the contractor posts results at Companies House for various operating arms of the business, compared to a £59.4m loss in 2015.
Results for the whole of the company are not yet available.
The group also reported a £5.1m loss for its infrastructure and civil engineering division against a £1m profit the year before.
For the 2016 financial year, Laing O’Rourke Infrastructure, which covers civil and structural engineering, reported revenue for the year of £44.4m compared to £45.7m in 2015. The loss on ordinary activities before taxation was £5.1m, and loss for the financial year was £5.6m. Total capital and reserves of the Company at 31 March 2016 were £11.6m, compared to £17.2m) for 2015.
For the main Laing O’Rourke Construction division, revenue for the year was £1,114.3m, compared to £1,024.3m in 2015. The loss on ordinary activities before taxation was £141.3m and the loss for the financial year was £113.5m. Total capital and reserves of the company at 31 March 2016 were £110.2m, compared to £223.6m in 2015.
Last week Laing O’Rourke has announced a trading loss of £245.6m for the year ending 31 March 2016.
The loss, the group’s first for 15 years, was attributed to UK government austerity measures dating back several years, combined with a recession and a large Canadian PFI hospital project.
Laing O’Rourke said it expects to return to profit at the end of the 2017 financial year, with an anticipated £3 billion revenue.