Social housing group Connaught boosted pre-tax profit by 39% from 拢9.7m to 拢13.5m in the year ended 28 February 2009
Turnover was up by 19% from 拢256m to 拢304m and the company said it was 鈥渨ell-positioned in large, defensive, fragmented markets which are naturally consolidating鈥�.
Its order book stood at 拢2.7m at the year-end compared with 拢2.5bn the previous year, while net debt was 拢99.2m, a figure the company said was in line with management expectations.
Francesca Raleigh, an analyst at Numis, said: 鈥淐onnaught is a defensive, above-average growth stock with the potential to add value organically and through bolt-on acquisitions.鈥�
Meanwhile, northern social housing contractor Herbert T Forrest boosted turnover by 20% from 拢37.8m to 拢45.3m in the year to 31 August 2008.
Operating profit at the company was flat at 拢4.5m owing to IT investments and expansion that saw it open an office in Leeds.
Lloyds Development Capital (LDC) bought an undisclosed stake in the company last July.
Jonathan Bell, investment director at LDC, said: 鈥淚ndicators for social housing and other public sector investment remain positive, despite the slowdown in the wider market.鈥�
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