For the next two years Ray O’Rourke will still be at the helm of his business whilst he guides it through the current economic crisis and uncertain market conditions.
The latest accounts for 31st March 2022 show a pre-tax profit of £2.5m from £2,965m of turnover after an inherit job in Australia blew a hole in the books with a £75m unexpected charge.
Previously the company had announced last year that Ray would be stepping down after the company’s current set of results were delivered. The aim was
Seamus French – Europe Hub Managing Director was gearing up to become the new CEO and act as part of a plan for the company to become a publicly listed business by 2024.
Seamus French took up the new role at MD of the European Hub in January after he joined O’Rourke from his previous role as CEO of the mining Giant Anglo American’s Bulk Commodities and Other Minerals division. However, he is now leaving the business.
The Chair of Lang O’Rourke Sir John Parker said that the decision to leave had been reached after discussions between himself, French and Ray O’Rourke “in the light of the current economic environment.”
Parker said: “Since signing off the group accounts for FY22, Seamus and Ray have been focussed on the challenges of completing a CEO leadership transition during a period of significant economic turbulence here in the UK.
“We have agreed to ‘hold formation’ and that Seamus will step down from his transitional role as Europe Managing Director with Ray remaining as CEO.”
French said: “I have thrown myself into this role and found the industry tough but exciting and have grown extremely fond of the ‘can-do’ environment and personal engagement at Laing O’Rourke.
“However, my experience tells me it is better to allow the established team to flex and respond to the market at this time.”
Ray O’Rourke will now continue as Group CEO and Europe MD for the next two financial years.
He said: “I would like to thank Seamus for all his hard work and commitment to our business. I consider him to be a genuine friend and advocate for our efforts to make our industry more respected, rewarded, sustainable and inclusive.
“I am certain all Laing O’Rourke’s people, particularly those in the European businesses who worked directly alongside him this year, will join me in thanking Seamus for his time with us and for the way he has prioritised our long-term success at every point.”
The contractor said its order book has continued to grow since the close of the 2022 accounts.
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