Medium-sized West Midlands-based contractor Anglo Holt has blamed the recession for a 27% drop in turnover for the year to 30 April 2009

According to its latest accounts, turnover fell from 拢59.1m to 拢43.1m over the period, and pre-tax profit fell 17% from 拢876,311 to 拢730,000. It ended the year with net cash of 拢8.3m.

A company statement said: 鈥淭he future will see a further reduction in turnover to pre-2008 levels, with a greater emphasis on the leisure sector due to a downturn in other markets.鈥�

A breakdown of its overheads revealed its telephone costs had dropped from 拢44,599 to 拢42,079 while its entertaining costs rose from 拢64,670 to 拢99,037. The total pay of the highest paid director rose 53% from 拢686,710 to 拢1.05m.

Topics