Saturday 22 September 2018

Laing O'Rourke expects profit after difficult 2016

Mayo-born Ray O'Rourke said he expects a swing back into profit this year after Laing O'Rourke, the UK-based global engineering and construction giant he and his brother Des founded, booked a €290m loss last year on €3.7bn of turnover. Stock Image
Mayo-born Ray O'Rourke said he expects a swing back into profit this year after Laing O'Rourke, the UK-based global engineering and construction giant he and his brother Des founded, booked a €290m loss last year on €3.7bn of turnover. Stock Image

John Reynolds

Mayo-born Ray O'Rourke said he expects a swing back into profit this year after Laing O'Rourke, the UK-based global engineering and construction giant he and his brother Des founded, booked a €290m loss last year on €3.7bn of turnover.

Speaking in a rare interview, O'Rourke - who is the chief executive and majority shareholder in the firm - added that a problematic Canadian hospital project that was largely to blame for the loss "is being worked through".

He started out as a pony boy - the job of pulling a cart in and out of the tunnel during construction of London's Victoria tube line.

He and his brother are now thought to be worth hundreds of millions thanks to their success over the past 40 years.

Between 2002 and 2015, the business notched up profits of more than €650m.

Dubai and Heathrow Airports, as well London's Olympic Stadium are among the biggest projects the company has worked on during that time. It is currently building a design centre for car giant Jaguar Land Rover. Laing O'Rourke has also joined a group along with Rolls-Royce that aims to develop small modular nuclear power plants, it has emerged.

Sunday Indo Business

Business Newsletter

Read the leading stories from the world of Business.

Also in Business