Turnover rises 20% to 拢1.66bn in an 鈥榚xcellent鈥� year for Laing O鈥橰ourke, which aims to be a worldwide player

Contractor Laing O鈥橰ourke declared itself on track to becoming a global leader after releasing impressive results for the last year.

The firm disclosed this week that its profit had jumped 122% to 拢70.4m for the year to 31 March. Turnover also rose 20% to 拢1.66bn. Finance director Dennis Johnson described the past year as 鈥渆xcellent鈥� and added: 鈥淚 would not say we are a company that chases turnover, but rather value. It is managed growth of the company.鈥�

Johnson said the firm was where it wanted to be after it bought Laing鈥檚 construction arm for 拢1 in 2001. He said the two firms had been integrated within a year.

He said: 鈥淲e are now at a level of financial operation that we set our sights and ambitions to be in terms of performance and efficiency. We are where we want to be and we believe we can sustain it.鈥�

Johnson said the pre-tax profit announced was before bonuses for staff, which were a 鈥渟ubstantial proportion of profits鈥�. He said that the group鈥檚 cash position was 鈥渧ery good, thank you鈥� and stood at more than last year鈥檚 figure of 拢105m.

The firm was investing heavily in research and development and on safety, he said. 鈥淚t carries a cost but it鈥檚 an essential cost. We believe we can reduce accident rates but still achieve profitability. We have to get that message across to clients.鈥�

We are at a level of operation that we set our sights on

Dennis Johnson, finance director

Director Mark Oliver, who joined the group in February from his role as managing director of technology firm BuildOnline, said: 鈥淲e want to challenge and change the construction industry. You cannot get there straight away but we are already turning people鈥檚 heads.鈥�

Oliver said that because the firm鈥檚 service range was so wide, from main contracting to specialist contracting and products, it could increase market share anywhere.

He added that Ray O鈥橰ourke, chairman of Laing O鈥橰ourke, wanted to change the industry by bringing in outside expertise.

In an interview with 黑洞社区 this week, another recruit, Denise Kingsmill, former deputy chair of the Competition Commission, said she would consider it a success if she helped Laing O鈥橰ourke grow into a 拢5bn-turnover business.

Kingsmill, who will head the group鈥檚 advisory forum, said her role would be to look at productivity and managing people.