Manchester housing contractor announces plans to double turnover in five years as it reveals 12-month profit of £1.6m

Manchester-based residential contractor Ocon has posted its first healthy profit three years after being founded.

In the 12 months ended 30 September 2007, it made £1.6m (2006: £306,458) on turnover of £95.7m (£98.1m).

The group said the result was thanks to its “prudent policy of only taking profit when contracts are 75% complete”.

Managing director Clive Williamson told Building this week he plans to more than double turnover in the next five years to £195m as it pushes into new areas like hotels and educational facilities.

An average of 150 people were employed by the company over the period and staff costs were £6.4m – representing an average annual pay of £42,790.

Directors’ pay was £196,842 – which was spread among three directors for most of the year. Williamson arrived in August and operations director Colin Veitch joined in September.

Ocon is part of property group Opal, which is owned by Ocon founder and chairman Stuart Wall. Williamson said it plans to reduce the level of work it gets from Opal from 60% to 40%.