Profit and turnover growth at one of construction's star performers has fallen for a second year.
Fit-out contractor Miletrian blamed the fall on the need to restructure after it took over Cibenze, a facilities management company.

Taking into account Cibenze's contribution, turnover fell from £44.8m to £44.1m. Without Cibenze, turnover was down £5.5m and pre-tax profit went from £1.54m to £1.24m.

An 600% increase in sales between 1996 and 1998 took the family-owned company into the Virgin Atlantic Fast Track 100 of quickest-growing firms.

Chief executive Michael Dawes said the drop in sales and profit was in line with expectations.

He said the restructuring was signalled last year. A combination of the new structure and Miletrian's facilities management contracts would, Dawes said, provide a sound financial base for growth "fuelled by strategic acquisitions".

Dawes said Cibenze had expanded its client base and complemented the rest of the group's activities.