Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Osborne returns to profit as turnover grows 28% in year to 31 March

Osborne has returned to profitability and reported a record pre-tax profit of £5.2m in the year to 31 March 2014.

The £5.2m profit was up from a pre-tax loss of £2.6m in the previous 12 months, which was put down to delayed projects, restructuring costs and poor performance in the firm’s civils business at the time.

Osborne’s latest results revealed that turnover grew by 28 per cent to £325m in 2014, compared with £256m in 2013.

Its secured forward order book also climbed by 63 per cent to £443m at April 2014, compared with £272m a year earlier.

The contractor saw an 80 per cent increase in secured orders and work under negotiation to £663m at April 2014 (2013: £351m).

Its cash balance was down by 8 per cent to £25.6m at the end of March 2014, from £27.8m at the same time last year. However, Osborne said this was after it had invested £5.5m in buying 40,000 sq ft of office space in Cambridge.

Commenting on the results, Osborne chief executive David Fison said: “The great thing about improving performance is that it gives us more time for our customers, so I am delighted that not only have we returned to profit but have also refreshed our customer focus and brand image, which gives us a new vibrant look.

“We have an inbuilt DNA to care for our customers and we want more customers to be aware of this.”

Earlier this month, Mr Fison told Construction News the firm’s dramatic rebrand was about helping it target new clients, after it “lost sight of its soul” during the downturn.

He said the new magenta logo, which has replaced the previous blue and white branding, had been selected following a review of the company’s strengths in its targeting of work with new clients.

The business is now looking to secure work with clients that value a non-confrontational approach to contracting, he added.

Mr Fison said this strategy was already paying dividends, with the company’s tender success rates improving.

“Over the last two or three years, our success rate on tenders has gone up, our performance on jobs has started to improve and generally we have happier customers,” he said.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.