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Osborne up despite marine losses

Finance

OSBORNE Group, the privately-owned Chichester-based contractor, has pushed up pre-tax profits by6 per cent to £2.7 million in the year ending March, despite losses at its civils arm and problems on rail contract settlements.

In an upbeat statement, chairman Tony Kelly said: 'The outlook is probably as good now if not better than it has been during any of the last 10 years.'

Turnover climbed by £16 million to £131 million and Mr Kelly said order books were very healthy.

Good results at the group's civils division were marred by heavy losses at its coastal and marine unit.

Osborne's rail division was hit by settlement problems and uncertainties on Railtrack's procurement strategy, but it has recently won significant new work from Railtrack.