Revenue for the year to 31 December 2011 was steady at £101m (2010: £99m) but operating profits were up 75% to £1.9m (2010: £1.1m) and underlying pre-tax profits more than trebled to £1.8m (2010: £500k).
Framework arrangements in the banking sector accounted for nearly half - £47.9m – of the revenue and repeat business from retailers provided a significant contribution to revenue of £33.7m.
That 57% of revenue was secured from repeat business and 65% from framework agreements is the result of focusing on strengthening existing customer relationships, said CEO Tony Lenehan.
“Our ability to grow revenue and margin despite the challenging market conditions endorses the group's focus on engagement with customers, our diversified offering, as well as improved operational efficiencies,” he said.
“We have continued to deliver strongly in our core sectors, especially within banking and high end retail while at the same time securing new revenue streams including a number of contract wins in the public sector. While conditions in the property support services arena are expected to remain challenging in the short term, the group's proven ability to win contracts across new sectors gives us confidence in our business model and our ability to increase market share."
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