Construction News

Sun November 18 2018

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Osborne reports record profits

17 Oct Osborne has reported record profits and a growing order book of secured sales.

Chairman Andrew Osborne
Chairman Andrew Osborne

Profit before tax was £12.6m for the year to 31 March 2018, compared to £3.4m in 2017."These excellent results are largely due to profits in our specialist development business," said chairman Andrew Osborne. "I am also pleased to see that our established contracting businesses have all been profitable for the second successive year."

Turnover was down on last year, to £318m from £348m. This was primarily due to the slowdown in projects coming to site following the EU referendum, he said. "We expect turnover to increase in the coming year as those projects have now broken ground."

The business has increased investment in learning and development, new facilities, technology and equipment and doubled capacity to serve the growing demand for bespoke, cost effective offsite solutions.          

Chief executive Andy Steele said: “I am immensely proud of the energy, agility and creativity of our people that positions us a developer, a builder, civil engineering and property maintenance business with a different approach.” 

MPU

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