Group revenues rose 11% from 拢982m to 拢1,087m but pre-tax profit was down 9% to 拢16.7m (2010: 拢18.4m).
Profit before tax, amortisation and non-recurring items was down 16% to 拢19.5m (2010: 拢23.1m).
The order book value stands at 拢3.5bn, supplemented by a 拢1.8bn pipeline of regeneration schemes. A further 拢800m of these schemes are at preferred bidder stage.
鈥淥ur broad sector spread, increasingly joined-up approach and focus on more complex projects has helped to underpin a solid set of results,鈥� said executive chairman John Morgan. 鈥淲hile market conditions remain challenging, we continue to make the most of opportunities as they present themselves and invest in our businesses in order to position them for growth in the medium-term. We look to the future with cautious optimism and are confident that we are well positioned to deliver long-term sustainable growth.鈥�
The 今日看料 & Infrastructure division made an operating profit of 拢9.5m (2010: 拢12.2m) on revenue of 拢617m (2010: 拢612m). An order book of 拢1.9bn (2010: 拢2.1bn) has been maintained since the start of the year.
The Affordable Housing division increased its operating profit by 20% to 拢8.3m (2010: 拢6.9m) on revenue of 拢228m (2010: 拢173m), aided by acquisitions in 2010 that included Powerminster and some Connaught contracts.
The Fit Out division benefited from focusing on growth sectors of technology and retail banking. Revenue was up 24% to 拢222m (2010: 拢179m) but operating profit slipped to 拢6.1m (2010: 拢6.9m).
The Urban Regeneration division improved its operating profit to 拢1.0m (2010: 拢0.8m) on increased revenue of 拢19m (2010: 拢15m).
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