Concrete contractor John Doyle Group this week said growth in its pre-tax profit and turnover for 2004 showed it had recovered from a difficult 2003.
Pre-tax profit rose 12.5%, from £500,000 to £4.5m for the year to 31 December 2004, and turnover increased 23% by £26m to £137m.
John Doyle said that the results were driven by strong growth within its Ibex Interiors business, which had a turnover of £82m, a rise of 29%. However, profits were slightly down in that part of the business, by 2.7% to £1.8m. The most profitable part of the business was John Doyle Construction, where pre-tax profit rose 6% to £2.4m. Turnover from that division rose 20% to £25.52m.
Stef Stefanou, company chairman, said: “2003 was a particularly tough year in which we stuck to our principles of not chasing work. Thankfully 2004 saw our volume return and the prospects for 2005 are favourable. The expansion of our regional operations has countered a somewhat thinner market in the South-east over the past 18 months but we look forward to an improvement over the next few years as the Olympic effect takes hold.”
During the financial year Paul Nurton and Mark Taylor became managing directors of John Doyle Construction and Ibex respectively. Rob Johnson, formerly a director at Jarvis, was appointed a group director.
The company has consolidated its Midlands business in Milton Keynes.