Former Wembley steel contractor Cleveland Bridge has returned to the black after a loss of almost £12m in its 2005 accounts.

The company reported a £155,000 profit for the year to 31 December 2006, compared with an £11.8m loss the previous year. However, it remains dependent on its parent, the Saudi investment group Al Rushaid, for financial assistance.

The company’s turnover rose to £27m over the period, up from £26m in 2005.

In a statement accompanying the accounts, Cleveland Bridge said it hoped that its dispute with Multiplex over Wembley would be settled by the end of the year.

However, it warned that it may face additional liabilities in the case, in which Multiplex stands to claim up to £13m in damages and revised valuations.

Brian Rogan and Jon Dale, the company’s directors, said: “The directors firmly believe the business has a long-term future and will increase its market size and strength during the short to medium term.”