Luxury contractor Holloway White Allom has said its wealthy clients have slowed spending on large refurbishment projects

Although turnover rose 24% last year from £65.3m to £80.5m, Bob Cole, its chief executive, said sales would be broadly flat this year. Pre-tax profit fell 20% to £4m as a result of extra costs from growing the business. The firm ended the year with £4.6m in cash, compared with £5.7m in 2007, and the highest-paid director’s salary fell 22% from £252,129 to £195,646.