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Speaking after the Essex-based contractor announced its results for the year to 31 July 2008, finance director John Bailey said the two schemes would account for 25% of its estimated 拢150m turnover in 2010.

He said: 鈥淭he Verry deal has enabled us to get into new markets and pick up great jobs like the City of Westminster college [pictured] and Hackney 黑洞社区 Schools for the Future deal.鈥�

Turnover in 2008 was flat, falling slightly from 拢133.8m to 拢131.9m, a figure that Bailey said would be similar in 2009.

Pre-tax profit fell 69% from 拢5.5m to 拢1.7m, largely as a result of a higher contribution to the company鈥檚 employee benefit trust. The company ended the year with net cash of 拢17.9m, a figure that will fall to about 拢14m at the end of July 2009.

Bailey also outlined the company鈥檚 plans to break into Dubai and said it had not been put off by reports that the financial bubble had burst in the UAE.

Moving into the following year, we will complete acquisitions of suitable companies

McLaren statement

He said: 鈥淭here have been problems on the residential side in Dubai but there is still a market for industrial and commercial work.鈥�

A company statement indicated that more acquisitions may follow the Verry deal. It said: 鈥淢cLaren managed its exposure to the current economic climate by continuing to ensure zero borrowings with large cash reserves. Moving into the following year, we will complete acquisitions of suitable companies in order to establish ourselves further in certain market sectors.鈥�

According to the accounts, McLaren owner Kevin Taylor received 拢14.1m although Bailey said most of that figure was a payment to the company鈥檚 employee benefit trust. It is understood Taylor took home a six-figure sum.

Taylor, who has a 94% stake in McLaren, founded the company in 2001.