Privately-owned contractor Mansell spent almost £1m on restructuring last year.
Chief executive Philip Cleaver said the main board had been restructured, with finance director Pat Scannell and chairman Eric Anstee joining the group. The maintenance arm was reorganised to focus more on partnering deals.

Cleaver said the collapse of Independent Insurance had cost the group an additional £680,000 and brought exceptional costs for the year to 31 December 2001 to £1.58m.

Pre-tax profit, excluding the exceptional costs, rose 14% to £8.6m. Turnover increased 8% from £457m to £492m. Partnering work contributed 50% of turnover.

Cleaver added that Mansell was still planning to float on the stock market within the next two years. He said: “It’s all about getting the timing right.”