Multidisciplinary firm McBains Cooper has withdrawn its offer for rival Currie & Brown as it reports a 57% rise in pre-tax profit to almost £1m.
As reported on 25 August (page 14), McBains Cooper had made a formal offer to the shareholders of Currie & Brown. But Thirkettle said: “We have decided we are not going to pursue it.”
Pre-tax profit at McBains Cooper was £924,000, up from £587,000 the previous year. Turnover was £11.5m for the 12 months ending 30 June, up from £11.1m last year.
Thirkettle said the results had exceeded expectations and the company had already generated 45% of its projected earnings in the first quarter of 2006/07.
The chief executive, who is in his third year in the job, has ambitious plans for the consultant. Turnover is budgeted to rise to £13m in the next financial year and pre-tax profit is predicted to increase 30%, taking it past the £1m mark.
Thirkettle wants turnover to be at least £30m in four years’ time and has made no secret of his desire to expand the business by acquisition as well as organic growth.
He said he was currently talking to “at least” three businesses. First on his shopping list is a firm to expand the company’s project management and quantity surveying offering, followed by an architect if everything goes to plan.
However Thirkettle said he was not striving for an acquisition at any cost. “I will not make the wrong acquisition just because we have said we are looking for acquisitions.”
Thirkettle took the helm at McBains Cooper in 2003 after a difficult period for the group when it was making losses of £200,000.