John Doyle’s fit-out subsidiary Ibex Interiors has reported a 14% rise in turnover for 2006, up to £81m.
Pre-tax profit fell to £1.1m from £1.35m during the same period, a drop which the company attributed to reorganisation costs following a management buyout at John Doyle last summer. Ibex also reported an order book of £55m for 2007.
Rob Johnson, John Doyle’s chief executive, said: “The management buyout and associated changes resulted in some exceptional costs, which are reflected in the Ibex results. The underlying performance of the business is now very strong and the platform will allow us to press ahead with our growth plans.”
Mark Taylor, Ibex managing director, said that 2006, which also saw the expansion of the company’s Midlands business, had been a year of “positive and progressive” change for the company. He said: “The prospects for 2007 and beyond are very encouraging.”
Ibex has also announced the appointment of Matthew Battle as business development director. Battle is a former director of Battle Associates. Before that he was responsible for regional interiors businesses at ISG.