Connaught posts record profits

Connaught, one of the market leading providers of integrated services to the social housing sector, has announced record profits today despite the difficult economic climate.

Revenue rose 40 per cent to £553 million with profit up a record 87 per cent to £30.7million.

The group says its order book now stands at £2.6billion leaving it well positioned to deliver consistent growth despite uncertain economic conditions.

Mark Tincknell, chairman, said:
“I am delighted to announce another set of very strong results. Over the years, we have built a strong and balanced business based on our leadership position in two growth markets with highly defensive characteristics and robust cash generative qualities.

“Both the social housing and compliance markets are underpinned by essential and largely non discretionary expenditure. They remain highly fragmented providing the Group with significant opportunities for further organic and acquisition growth. This year’s results reflect that strategy whilst ensuring our future prospects are well and truly enhanced.”