Profit at the services provider rises 33%

Connaught, the social housing services provider, has announced a 33% rise in pre-tax profit for the year ending February 2009.

The firm's revenue hit £304m this financial year, up 19% from the 2008 figure of £256m. Pre-tax profit rose to £17.3m, a 33% leap from last year's figure of £13m.

Connaught is a key player in the growing social housing sector, and has diversified its portfolio to include the defence, student accommodation and environmental services sectors.

Connaught workers
Connaught workers celebrating St Andrew's Day last year

In the compliance sector, Connaught has contracts with the Crown Estates, the Ministry of Justice and the Royal Mail.

In its results, the firm said: “Connaught remains confident about its position and the outlook for both social housing and compliance. The group is well positioned in large, defensive, fragmented markets which are naturally consolidating.”