Social housing contractor Apollo has posted a 22% rise in turnover for the year to 31 March 2009 from £214.5m to £261.6m

Pre-tax profit remained flat at £12.4m but the company revealed that its recent debt restructuring deal with Lloyds Banking Group, which paves the way for the sale of the bank’s 20% stake, reduced debt from £343m to £150m. A company statement said Apollo would continue its geographical expansion in the UK but warned of “profit margin erosion” owing to the recession.