Social housing boosts Connaught profits
Repairs and maintenance company Connaught has reported a 35 per cent increase in profit, driven by its social housing work.
Its operating profit before exceptional items rose from £35.9 million in 2008 to £48.4 million. Revenue was up 19 per cent from £553 million to £660 million.
Social housing revenues went up 18 per cent, from £447 million to £528 million, and operating profit rose from £25.4 million to £31.2 million.
Chairman Mark Tincknell said: ‘The majority of our services are either non discretionary or essential in nature and we are therefore much less susceptible to changes in government spending and the economic cycle.’
The company also said the prospects look good for its social housing work, with 93 per cent of 2010 forecast revenue and 83 per cent of 2011 revenue already secured.
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Readers' comments (2)
Andrew Perrott | 14/10/2009 2:43 pm
The customer 'service' has to be experienced . . . it's so typically British, in that the customer is of absolutely no account. I know: I've experienced it at first hand.
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HA Worker | 19/10/2009 12:38 pm
I note they do not comment on their more recent and less favourable issues
http://news.bbc.co.uk/1/hi/business/8268116.stm
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