Pre-tax profit at German owned-contractor Hochtief UK Construction fell 59% from £1.6m to £665,000 in the year to 31 December 2008

Turnover at the company was up 7% from £43.2m to £46.3m. A spokesperson for Hochtief said it had saved £1.3m during the year as a result of a cost reduction programme. The salary of the highest paid director fell by £2,000 to £113,000 and its cash balance at the year end rose 38% to £13.1m.