Mark Davies, the chief executive of property services provider Connaught, said the company will continue to grow its asset management business, following a 37% rise in pre-tax profit.

Pre-tax profit rose to £8.1m in the six months to 28 February 2007, compared with £5.9m in the same period the previous year. Turnover rose 24% to £165m. It also reported an order book of more than £2bn.

The company acquired two asset management businesses, Baldwins and AE Williams, during the period.

Davies said: “We will continue to build up asset management as our first priority as we move towards a post-Decent Homes era. Our main approach will be through organic growth, although we may consider small bolt-on acquisitions in social housing.”