Laing O’Rourke is set to file its delayed annual accounts for the 2017/18 financial year today, as it revealed it has reduced its losses and sealed a refinancing deal.
The company’s total revenue fell 8% to £2.9bn, down from £3.2bn the year before.
Meanwhile, its losses after tax narrowed from £60.6m in the 2016/17 financial year to £46.5m in 2017/18.
Laing O’Rourke made a gross profit in 2017/18 of £171.6m, making the firm’s gross margin 5.9%.
The company explained that the delay in filing its acocunts was driven by "extensive assessments" on all contracts, warranties, claims and Brexit implications by banks and other financial stakeholders and their advisors EY and Grant Thornton "against the background of the recent severe changes faced by the construction sector".
But it confirmed that it has now completed its three-year financing arrangements for the UK, as of 15 February.
The full audited accounts are expected to be filed at Companies House today.
Chairman Sir John Parker said: “In my first year as chairman of Laing O’Rourke, I have experienced first-hand the mounting challenges to the construction industry, which only increases the resolve of the board to continue to drive innovation, build strong relationships with all of our stakeholders, and influence realistic risk and reward policies in public sector procurement.
“There is no question that government, financial institutions and industry must work together to correct systemic barriers and outdated practices to revitalise an industry that would benefit greatly from progressive thought and action. Perhaps never before has strong leadership been needed as much as it is needed now.”
