Laing O’Rourke says it has a “key role” to play in delivering the word’s net-zero ambitions post-covid.
Releasing its 2022 tax year results, the company pledged to continue reducing embodied and operational carbon in projects. It said it had more than halved its global scope 1 & 2 (direct and indirect) carbon emissions since 2020. And it is on track to meet its operational net-zero target of 2030.
On its global scope 3 (supply chain) carbon emissions it has promised to reach net zero before 2050.
The engineering and construction firm also highlighted the launch of its equal parenting entitlements for women and men. Plus its commitment to 50-50 gender representation by 2033. Last month Laing O’Rourke signed up to the Chartered Institute of Building’s (CIOB) diversity and inclusion charter.
Group revenue up
Headline figures from the financial results showed underlying group revenue was up by 20% from £2.5bn to £3.04bn. It reported a £1.1bn increase in the global order book to £9bn, and the lowest net debt in six years with net cash up by £63m to £339.1m.
Pre-exceptional earnings before interest and taxes (EBIT) was up 26% from £76m the previous year to £95.5m.
But this is complicated due to arbitration around a confidential, long-running dispute in Australia relating to a project delivered five years ago, that results in a post-exceptional EBIT figure for the Group of £19.8m. The report does not name the project, but is thought to relate to a dispute involving a project building cryogenic tanks.
Group chair, Sir John Parker GBE FREng, said: “We are witnessing continued commitments from governments to invest in infrastructure as part of their post-covid economic recovery plans.
‘Best opportunities ahead’
“We have a key role to play in delivering new social infrastructure that meets the world’s net-zero mandate, and I stand by my assessment that the sector probably has the best opportunities ahead of it, that it has seen in the last 50 years, as long as major public works programmes continue to be prioritised for the benefit of our communities.”
Ray O’Rourke KBE, who has reversed his decision to step down as chief executive and will continue to serve as CEO and Europe MD for the next two years, said: “We remain focused on accelerating the realisation of our strategic vision for 2025 – and have achieved strong results in advancing digital operations, development of our people, sustainability, inclusion, and wellbeing.”
The report noted a number of prestigious project wins in the UK, including Everton’s new 52,000-seat stadium at Bramley-Moore Dock in Liverpool, and the redevelopment of Olympia and The Whiteley in west London. And in Australia, Melbourne’s Suburban Rail Loop and Melbourne Airport Rail.
