Midlands contractor Thomas Vale reported that it had broken through the £100m-turnover barrier in its latest annual results.

Sales rose 43% to £122m compared with the previous year.

Pre-tax profit rose only slightly, however, from £1.8m to £2m. Finance director Colin Briley said this was because of acquisitions, including that of contractor Collier and Catley of Reading, Berkshire.

While admitting that profit margins were “growing slower than I would like”, Briley insisted that the company would double turnover and pre-tax profit by 2010, in line with the company’s five-year plan.

Another part of this plan is to develop a succession strategy. Thomas Vale has made five promotions to the main board, most of whom are in their early 40s. The existing board members are mainly in their mid-50s, and are likely to leave within the next five years.

While listing is always a possibility, you need to look at these things carefully

Colin Briley, finance director, Thomas Vale

Briley added that despite the rise in turnover Thomas Vale is unlikely to go public.

He said: “While listing is always in the back of our minds and always a possibility, you need to look at these things carefully. We are well suited to the directors controlling the business without some of the interference that public companies face.”

Briley put the company’s record results down to the benefits of an improved reputation – Thomas Vale has won the contractor of the year prize at the Building Awards for five of the past eight years.