Regional contractors Midas and Geoffrey Osborne have announced record annual pre-tax profits.
Devon-based Midas made a return of £4.2m for the 12 months to April, an increase of 67% on the previous year. Turnover rose 22% to £139m.

Geoffrey Osborne, which is based in West Sussex, made a pre-tax profit of £4.1m, a 44% increase compared with the previous 12 months. Turnover increased 13% to £181.6m.

Midas joint chairman and chief executive Steve Hindley attributed the improved results to the firm's expansion in Wales, the improved performance of its specialist property services division and new public-sector framework deals. Another important factor was a five-year growth strategy following a management buy-in in 1998.

Tom Kelley, chairman of Geoffrey Osborne, said that its results were boosted by the company's focus on public sector markets.

Kelley said: "The order books are in a healthy state and there are small signs of an upturn in the private sectors, which is good news."