Contractor Carillion reported a pre-tax profit of £55m in preliminary results released this week, in line with expectations.
Figures for the year to 31 December showed that pre-tax profit before goodwill and exceptionals rose 8% from £50.8m in 2003. Post-exceptionals and goodwill, the company made a loss of £6.4m compared with £23.8m in 2003, largely owing to adjustments made following the sale of engineering arm Crown House.
Carillion also announced the acquisition of Planned Maintenance Group for £40m, as part of its continued expansion of support services activities.
It is understood that a senior Carillion executive will be moved to head the firm.
Contractor Balfour Beatty has announced preliminary results, showing an increase of 15% to £150m in pre-tax profit before goodwill and exceptionals. Its profit after exceptionals was £257m.