For the year ended 31st March 2023 Octavius Infrastructure grew turnover by 13% to £215m (2022: £191m) but pre-tax profit was down 34% at £3.86m (2022: £5.86m).
Sullivan Street Partners acquired Osborne Infrastructure from family owned Geoffrey Osborne Ltd in September 2021. In March 2022 it was rebranded as Octavius Infrastructure.
Profits in fiscal 2023 were down partly because of two contracts whose budgets were hit by cost inflation and partly due to the 2022 result including a one-off benefit relating to the release of an unused long-term incentive plan (LTIP) provision on completion of the sale of the company in September 2021.
This year’s results also includes £1.2m of transition costs, relating to the split from Osborne.
Profit before exceptional items dipped rather less – from £5.9m to £5.1m.
The results for the financial year and the financial position at year-end were considered by the directors to be good, chief executive John Dowsett writes in the annual report. Cash on the balance sheet at financial year-end was £9.3m, up from £8.3m at the start of the year, and total equity grew from £14.4m to £17.8m.
During the year Octavius Infrastructure spent more than £60,000 on reforestation and renewable energy projects around the world – planting 4,000 trees – to ‘offset’ 4,000 tonnes of CO2e.
Highlights of the year include completion of the company’s largest ever contract, the £61m A46 Binley flyover in Coventry, and winning substantial work for Network Rail.
Octavius Infrastructure is one of four contractors on Network Rail’s Southern Integrated Delivery framework, which is expected to deliver £9bn of work over the next 10 years. It also has a stations and building works contract for Network Rail’s Wales & Western Region.