Contractor Laing O’Rourke posted a 6% drop in revenue to £4bn however its profit margin increased to 10.2% in its full year results released today.
The contractor posted a profit before tax of £51M and reduced its debt levels by £110M.
Laing O’Rourke’s chairman and chief executive comments said the positive results demonstrated the firm’s “resilience” in the face of tough economic conditions.
The firm foresees another challenging 18 months but expects a recovery from 2012/13.
In the past year the firm has completed restructuring of the Australia Hub, won three major contracts on the Hong Kong mass transit and high speed rail network, and worked successfully as programme manager for major venues for London 2012.