Contractor says underlying profitability has improved

Osborne’s pre-tax profit has nearly halved after the contractor closed a number of legacy contracts.

In financial results for the year to March this year, pre-tax profit fell 46% to £3m, down from £5.6m the previous year, on revenue of £342m, up 11% on £309m.

The contractor, led by chief executive Andy Steele (pictured), said the underlying profitability of both its infrastructure and property businesses improved “significantly” over the period. But this was offset “by the final settlement of a small number of legacy construction projects won during more challenging market conditions”.

Osborne - which files accounts as Geoffrey Osborne Limited - said its infrastructure business picked up more orders with clients Network Rail and Highways England over the period. Its overall order book increased 4% to £445m.

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