Highest social housing waiting list for 20 years helps boost profit 23%

Housing services group Connaught has bucked the credit crunch trend, and recorded a 23% jump in profit before tax.

The group saw its pre-tax profit for the year ending 31 August rise from £21.7m in 2008 to £26.7m in 2009.

It also saw its revenue rise from 553m in 2008, to 660m this year, as the UK recorded 1.8m on its waiting lists for social housing – the highest level recorded for two decades.

Meanwhile, its order book stood at £2.8bn compared with £2.6bn in 2008.

Commenting on the group’s preliminary results, chairman Mark Tincknell said: “The majority of our services are either non discretionary or essential in nature and we are therefore much less susceptible to changes in government spending and the economic cycle.”