Laing spends £23m on restructure last year
Further details have emerged about the state of play at contractor Laing O’Rourke, with the company spending £23m restructuring its business operations last year, it has been revealed.
In a bid to drive greater productivity, the money was spent on a mix of redundancies, advice and refinancing costs, according to accounts filed for the year to 31 March 2016.
In early 2016, the company split its European business into three arms – engineering enterprise, asset businesses, and commercial – and set up a new leadership team in its European business as part of a major restructure.
According to latest accounts published at Companies House for Laing O’Rourke Services, the firm holding employment contracts for the UK workforce, average UK staff salary fell from £49,000 to £45,400.
Accounts also revealed the total pay package for the highest paid director fell from £1m in 2015 to £635,000.
It was also revealed the firm was hit with exceptional costs of £5.1m, paying out the compensation claims under the Construction Workers Compensation Scheme for blacklisted workers.
Elsewhere the accounts for Laing O’Rourke plc, the company covering its European and Canadian business, reveal a £267m pretax loss on revenue of £1.63bn.
In its previous results, the division posted a pretax loss of £82.2m and a revenue of £1.68bn.
In Laing O’Rourke’s UK construction business results released earlier this week it was revealed that the firm suffered a pretax loss of £141m.