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Laing O鈥橰ourke is on track to double in size over the next four years, the contractor鈥檚 chief operating officer said after reporting its results on Tuesday.

Tony Douglas said the company鈥檚 turnover had grown 21.5% to 拢4.24bn and pre-tax profit had leaped 76% to 拢81.2m in the year to 31 March 2008, despite tough UK market conditions. The results were boosted by rapid growth in the Middle East and Australasia.

The turnover growth included a 23.8% jump in the Middle East to 拢420m and a 115% increase in Australasia to 拢580m.

The company also reported an order book of 拢10bn and a cash position of 拢477m, with committed but unused banking facilities of 拢170m.

Douglas said the company was continuing with its strategy of 20% growth year on year, much of which is likely to come from the Middle East, where its schemes include work on the 拢10bn Al Raha Beach in Abu Dhabi.

He said: 鈥淭here is disproportionate opportunity in the Middle East. With megaprojects of that scale, we鈥檒l see continued growth in the area.鈥�

Laing O鈥橰ourke recently announced that it was restructuring around individual project managers, giving it greater strength in the programme management of large projects, similar to the position of American contractor Bechtel.

Douglas said this could be coupled with a move to increase Laing O鈥橰ourke鈥檚 presence in specialist facilities management. He added that the group may bid for nuclear work in the UK.

Douglas also hinted that future acquisition could be on the cards. He said: 鈥淥ver the next five or six years, there will be significant consolidation in the market, and we see ourselves as consolidators rather than consolidatees.鈥�