Osborne highways work surges

Highways work has risen by nearly a fifth at Sussex-based contractor Geoffrey Osborne.

Accounts just filed at Companies House show that revenue from highways work in the 12 months to March 2016 leapt to £32.6 million – up from £27.3 million in the preceding 12 months period – and looks set to continue rising.

The secured 12-month order book at the end of the latest financial year had risen by year 9% to £264 million due to work from Highways England frameworks and Network Rail.

Osborne’s chief executive Andy Steele (Pictured) said: “We remain in a strong position, both in terms of cash and profit, and expect to maintain our budgeted profit for 2016/17.”

Roads and rail work comprises more than a third of group turnover, which rose to £342.2 million from £308.9 million in 2015 but pre-tax profits slumped to £3.0 million from £5.6 million due to problems on historic contracts.

Osborne’s work in the roads sector comes through Highways England’s Collaborative Delivery Framework and also places on highways framework agreements for local and county authorities including Bristol City Council’s £60 million deal. The group also has places on highways framework agreements in Hampshire and Lincolnshire.