Osborne announces 2011/2012 annual results
Family-owned construction, civil engineering and property services company Osborne has published its annual report and accounts for the financial year ending 31 March 2012.
- Turnover decreased 2% to £281 million
- Pre-tax profit were £1.04 million
- The company’s year end cash position remained broadly the same and stood at £31 million with no debt
- Osborne now has a current confirmed order book of £181 million with a further £208 million of anticipated projects
David Fison, Chief Executive of Osborne said:
“The whole industry is being affected by the current economic problems and Osborne is, unfortunately, no exception.”
“We have also been hit by two issues in particular – and while they will both be resolved by the autumn they have had a considerable effect on the business overall.”
“However, we know that these problems occurred because the focus was on winning work – not on winning the right work for the right customer – and during the year we have worked on three interwoven strands to improve our professionalism, price competitiveness and our service to customers. As a result we are starting from a much stronger base to improve the business in the coming year.”
Osborne operates in the affordable homes, civic amenities, education healthcare, commercial, civil engineering, rail, airports and property services sectors. 2011/2012 highlights included:
- Moving into new efficient corporate headquarters at Fonteyn House in Reigate.
- Completing its largest construction project to date the £53 million redevelopment of West Thames College’s Isleworth campus.
- Starting work on the London School of Economics’ Students’ Centre and achieving a BREEAM Outstanding rating for the design phase.
- Being appointed to deliver the new School of Architecture and Construction for the University of Greenwich – a £43 million project aiming for BREEAM Excellent.
- Completing Standings Court for Saxon Weald in Horsham, one of only four Passivhaus-accredited schemes in theUK.
- Completing a £9.6m research and treatment facility for the Royal Marsden and Institute of Cancer research in Sutton,Surrey.
- Completing a new maternity unit for Newham Hospital
- Winning the £10 million enabling works contract for London Bridge station’s Thameslink work as part of a collaborative approach.
- Being shortlisted for the Custom House Crossrail project.
- Being appointed to a 12,500 property, £225m repairs and maintenance contract for Ascham Homes – the Property Services team’s first ALMO client.
- Winning a contract to provide responsive repairs, maintenance for Winchester City Council – our first local authority property services contract.
- Completing work on Victoria Park in Tower Hamlets – London’s oldest public park.
- Being appointed to deliver the plans for Shoreham’s new Harbour Bridge, with work set to start in August 2012..
- Continuing to focus on sustainability and energy efficiency, including using the structurally insulated panels (SIPs) manufactured by its subsidiary, Innovare Systems across housing and other construction projects.
- Undertaking 16 jobs to support the Olympics, including installing a footbridge overTemple Mills Lane at the Olympic Park and a number of station upgrades.
- Being proud of the achievements made by staff, including Erik Stanway who travelled to India to help build a school and teach children English.
Osborne donates an minimum of 1% of its profits to charity and this year the figure totalled £34,779. For the seventh consecutive year two teams were entered into the COINS 3 Peaks challenge, raising £3,500 and making Osborne the longest serving supporter of the event. It holds Investors in People (IiP) Gold and Champion status, only held by one other construction company in the south of England.
The company also supports a number of educational initiatives, including awards for students on construction-related courses at the universities of Birmingham,Portsmouth, Southampton and Imperial College London also at Chichester College.