19 February 2019
Steady gains made in 2017 - 18 trading
Group 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is no question that government, financial institutions and industry must work together to correct systemic barriers and outdated practices to revitalise an industry that would benefit greatly from progressive thought and action.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.”
Group Finance Director, Stewart McIntyre confirmed:
- Three year financing arrangements for the UK completed on Friday 15th February 2019.
- The UK FY18 audited accounts will be filed at Companies House today.
The delay in filing the UK accounts was driven by the extensive assessments on all contracts, warranties, claims and Brexit implications by banks, sureties, other financial stakeholders and their advisers (EY, Grant Thornton) and our auditors PWC against the background of the recent severe challenges faced by the construction sector.
The robustness of the process, along with the further significant improvement in statutory Group EBIT and its three year refinancing on current commercial terms, puts the Group in a resilient position going forward.
The Group annual review is available to read in full here.
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