Turnover at Laing O’Rourke’s mechanical and electrical (M&E) subsidiary has continued to tumble, though the agency returned to revenue in its newest accounts.
Crown Home Applied sciences reported that income greater than halved from £72.9m to £27.3m for the 12 months to 31 March 2024.
The autumn is even steeper than the 12 months earlier than, with the agency reporting turnover of £138.5m in 2021/22.
Nonetheless, pre-tax revenue for the newest monetary 12 months totalled £3.1m in contrast with a £20,000 loss in 2022/23. This delivered a margin of 11.5 per cent in 2023/24.
The agency stated 10 contracts generated income within the newest monetary 12 months, in contrast with 26 within the earlier 12-month interval.
4 contracts “individually had an influence of £100,000 or larger on working revenue”, the accounts added, in contrast with 9 in 2022/23.
The agency had no long-term financial institution loans however reported a £126,000 overdraft, repayable inside 12 months. It paid no dividends throughout the monetary 12 months.
Crown Home Applied sciences didn’t report common month-to-month headcount, stating as a substitute that its staff are all employed by one other Laing O’Rourke subsidiary, Laing O’Rourke Providers Ltd.
Ongoing M&E jobs embrace Laing O’’Rourke initiatives such because the Hinkley Point C nuclear energy station in Somerset, the Future Olympia mixed-use scheme in London, and the new Everton football stadium in Liverpool.
The agency can also be offering M&E companies for the second part of the HMP Fosse Approach challenge in Leicestershire, as a part of the New Prisons Programme alliance.
Crown Home Applied sciences was purchased for £17m by Laing O’Rourke in Might 2004. It operates throughout the tier one contractor’s vertically built-in Specialist Buying and selling Enterprise Group, which incorporates Expanded, Choose Plant Rent, Discover Manufacturing, Vetter and GRCUK.
The agency underwent change on the high in 2023/24, after Cameron Gilmour was appointed enterprise unit chief in June final 12 months. He joined Crown Home Applied sciences from Doosan Babcock the place he held varied roles, the latest being vp of defence and nuclear.
