Profit increases to £4.5m as chairman Stef Stefanou looks to the Olympics for improvement in South East.

John Doyle Group has increased turnover by 23% to £140m for the 12 months to 31 December 2004. The increase followed what chairman Stef Stefanou called a tough 2003.

Pre-tax profit was £4.5m, with the Construction division contributing £2.2m and Ibex Interiors contributing £1.9m to the total.

Stefanou said: “2003 was a tough year in which we stuck with our principles of not chasing work. Thankfully, 2004 saw our volume return with prospects for 2005 favourable.”

The expansion of regional operations countered a “somewhat thinner market” in the South East over the past 18 months, said Stefanou, but he expected work in the capital to pick up with the Olympics.