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In a trading update on Monday, the firm said it expected profit to be ahead of last year鈥檚. The statement also said cash holdings for the year ending 30 June 2010 had hit a record 拢170m, compared with 拢93m a year ago. The firm claimed it had only limited exposure to 黑洞社区 Schools for the Future, so the recent spending reductions would have no 鈥渕aterial impact鈥� on the order book.

Sheffield, pictured, said: 鈥淲e spotted 18 months ago that if there was going to be a contraction in education spending, it was going to be in BSF. So we decided to concentrate on academies.鈥�

The firm reached financial close on Cambridgeshire鈥檚 BSF in May. It is also finishing off 拢150m of BSF work in Kent, although the next phase, which it was negotiating, is now on hold.

Sheffield says: 鈥淲e鈥檙e in discussions with the government to see if that means stopped or stalled. Aside from education there is a lot of work coming that is in power, waste and Crossrail. And we鈥檙e in discussions over four mixed-use schemes for retailers - two in London, one in Bicester and one in Ipswich.鈥�

Meanwhile, the firm鈥檚 financial director, Deena Mattar, announced she will step down in November after nine years in the role. She said she would pursue 鈥渙ther opportunities鈥�, but was not available to give further details.

Haydn Mursell, who is currently deputy group finance director at Balfour Beatty and worked at Bovis Lend Lease from 2001 to 2008, will replace Mattar.

Of the incoming financial director,Sheffield said: 鈥淗e鈥檚 had a lot of personal and industry recommendations - we targeted him from the outset.鈥� He added: 鈥淚鈥檓 sure Deena will be swamped with new opportunities.鈥�

Regarding the firm鈥檚 appeal against the Office of Fair Trading鈥檚 拢17.9m fine for tender malpractice, Sheffield said he would be 鈥渉appy to get back a few million pounds鈥�. A decision is due towards the end of the year.