Reporting a 15% rise in pre-tax profit to £17m for the year to 31 December 1999, chief executive Miller said: “It is unlikely that we would want or need to float this year or next. The fact is we are private.
“At the moment, we have no requirement to raise additional equity. We can do everything we want on debt because of the strength of our balance sheet,” he said.
However, Miller said the company was looking at a number of housing and property companies, with a view to making further acquisitions.
Last year, Miller spent £36m buying two housing businesses, North-east-based Cussins Property Group and Scottish builder Lynch Homes. But Miller ruled out buying a pure contracting business unless it fitted a niche market.
Miller wants to increase the company’s presence in England, where it derives 57% of its turnover. “The acquisitions we make may be in the South-east, but it will be more difficult at the moment because of the strength of the market,” he said.
