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)