Laing O’Rourke reports £141m UK construction loss
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.