Bristol contractor Midas Group has said it aims to quadruple turnover to £600m by 2010.
Steve Hindley, Midas’ chairman and chief executive, said that the group was looking to become a national player after completing its first five-year growth plan. Hindley joined Midas from Mowlem as part of a management buy-in at the firm in 1998.
He said the group would place particular emphasis on developing its construction and projects businesses. The construction arm
is made up of regionally based offices focusing on smaller projects, while the projects division works on national schemes worth more than £10m.
Midas recently poached Alan Hope from Carillion to head its projects arm.
Hindley made his comments after announcing the firm’s annual results to April 2004. Turnover rose 7% to £149m and pre-tax profit increased from £4.2m to £5.2m.
The business has a margin of about 3%, at the higher end of the industry. Hindley said: “We would like to keep the margin around that figure and would like to see the industry as a whole move up to that.”
Hindley said that he had also been asked by the CBI to assess growth within medium-sized firms and report back. He said: “The question is, should we be focusing on growing mid-market firms as much as small companies?”
One theory is that encouraging growth in medium-sized enterprises will boost the overall economy more than offering incentives to smaller businesses.
Hindley is a former chairman of the South-west region of the CBI.