Property services provider Connaught has delivered record group and profit growth, following the announcement of its interim results for the six months to February 29, 2008.
Revenue has increased 55% to £256m and operating profit soared by 84% to £15.8m.
This has been driven by strong organic growth and supplemented by earnings enhanced acquisitions, as Connaught builds on its market leading positions in its core markets, social housing and compliance.
In addition, Connaught's order intake for the 6 months was £455m with a further £210m secured since February 29th, bringing the total for the financial year to date to £665m.
This reflects the strength of the Group's market position and the success of its integrated services business in both its core markets.
The company said the social housing market is stable and fast maturing, which is leading to consolidation of outsourced maintenance activity as client organisations move from single service providers to larger integrated service providers that can offer a long term multi-disciplined partnership.
The group has grown strongly in this area, showing substantial contract wins. This has been enhanced further following the acquisition of Baldwins and AE Williams in 2007.
Mark Tincknell, Connaught's Chairman, said: "The first half of this financial year has been a period of significant progress for the Group and we have delivered another record set of results.
"Strong organic growth has been supplemented by earnings enhancing acquisitions - the most notable of these being the £91 million acquisition of National Britannia, the leading player in the fast growing white collar compliance market."
(GK/NS)
Time and date
CONSTRUCTION DIRECTORY
Latest Construction News
22/11/2024
SP Energy Networks has announced a major investment in Britain's electricity grid, selecting 19 preferred partners to deliver a £5.4bn supply chain programme. This significant initiative aims to meet increasing energy demand and facilitate future growth. The selected companies, many of which are ...
22/11/2024
Edinburgh City Council has launched a 12-week public consultation on a new strategy to revitalise Princes Street and the wider Waverley Valley. The vision aims to create a more vibrant and welcoming city centre, attracting investment, supporting businesses, and enhancing the visitor ...
22/11/2024
Ener-G Services Limited, a leading UK electrical engineering company specialising in renewables, marine, and offshore sectors, has expanded its operations in Westhill, Aberdeenshire. The company has leased Unit 6E at Kingshill Commercial Park, a 2,500 sq ft space, on a 5-year lease. This new ...
22/11/2024
A consortium of leading scientists, industry experts, and academic institutions has joined forces to accelerate Scotland's offshore wind sector. The £2.5 million project, led by the University of Edinburgh in collaboration with the University of Dundee and the Forth and Tay Offshore cluster (FTO), ...
22/11/2024
The Port of Aberdeen and Turner & Townsend were highly commended in the 'Engineering, Construction & Infrastructure Project of the Year' category at the APM Project Management Awards 2024. The award recognises excellence in project management and the positive impact on end-users. The £420 million ...
22/11/2024
South Lanarkshire Council's £10 million fire safety improvement programme has reached a significant milestone, with CCG (Scotland) completing installations in over 1,700 high-rise residences across East Kilbride and Cambuslang. The Glasgow-based construction firm has been working closely with the ...
22/11/2024
SSEN Transmission, a key player in the UK's energy transition, is set to further expand its workforce and move into a new, sustainable office space in Glasgow. The company's commitment to net zero and the increasing demand for green energy workers has led to significant growth, with the number of ...
22/11/2024
Scottish Water is investing in the upgrade of its Loch Eck clean water plant in Dunoon. The project involves replacing outdated dry well pumps with new, more reliable pumps capable of operating in both wet and dry conditions. WGM Engineering, an RSK Group company, has been tasked with carrying out ...
22/11/2024
Scottish Land & Estates has expressed serious concerns over the Scottish Government's Land Reform Bill, particularly the provisions that would allow ministers to force landowners to sell large estates in lots. Sarah-Jane Laing, the organisation's chief executive, stated that while the land-based ...
22/11/2024
Clark Contracts employees have once again shown their commitment to community engagement by volunteering at Silverburn Park in Leven. On Thursday, 21st November, 16 members of the team spent their day planting over 400 trees and carrying out other landscaping tasks. This latest volunteering effort ...