September 1 - CLM, the delivery partner that oversaw construction of the facilities and infrastructure for the London 2012 Olympics and Paralympics, made a pre-tax profit of £37 million ($59 million/€47 million) last year, new accounts reveal.
The consortium, which consists of CH2M HILL, Laing O'Rourke and Mace, was instrumental in helping ensure that the facilities, which included the Olympic Stadium and the Aquatics Centre, were completed in plenty of time before the Games.
The delivery partner was appointed by the Olympic Delivery Authority (ODA) in August 2006 and supported them in what was the biggest building project in Britain since the end of World War Two.
"CLM's contract with the Olympic Delivery Authority is entirely performance based and profit has been earned by targets being met and savings made as a result of the successful management and delivery of the venues and infrastructure for the London 2012 Games," a spokeswoman told Construction Enquirer, who reported the figures.
"CLM's performance resulted in significant budget savings being achieved on the programme which the ODA has recognised.
"The 2011 reporting year saw the completion on or ahead of time and budget of all of the big five venues on the Olympic Park, meeting major milestones for CLM and resulting in a higher level of profit being achieved for 2011."
According to latest accounts filed at Companies House, CLM notched up the pre-tax profit of £37 million ($59 million/€47 million), up 15 per cent on 2010, from fee turnover of £89.9 million ($142.6 million/€113.4 million) last year, Construction Enquirer reported.
Staff numbers fell by nearly a quarter from the previous year to 347 as the project passed peak activity and CLM met its major venue milestones.
The slowing in work demand also saw average individual pay fall to £58,000 ($92,000/€73,000), down from £69,000 ($109,000/€87,000) the year before.
The accounts reveal that during the year Laing O'Rourke charged CLM £15 million ($24 million/€19 million) for employment, travel and subsistence costs of its staff, with CH2M Hill and Mace each charging £12 million ($19 million/€15 million).
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September 2006: CLM deal officially signed
August 2006: ODA choose Olympic Delivery Partner