Lincolnshire-based contractor Lindum Group has posted a 23% fall in turnover in the year to 30 November 2009 from £87m to £67.4m

Despite the fall, pre-tax profit rose from £2.2m to £2.8m. The firm said the fall in turnover was owing to a “drop in development activities, an almost non-existent speculative housing market and the change in turnover mix from industrial to social housing and education projects with little ‘added subcontractor value’.”

It added: “Our workload for 2010 is fair to good, but the market shift from private sector to public sector continues. Our workload for 2010 shows a 20/80 split between private and public sector, causing us some concerns about potential public sector cuts after the election.”

The highest paid director’s pay fell from £247,774 to £206,060.