Construction company Carillion today bucked the credit crunch, announcing soaring profits and a £20 billion order book.

The firm, which employs 800 people at its Wolverhampton HQ, saw its income rise 27 per cent in the first half of the year, to £2.4 billion.

Underlying pre-tax profits soared nearly 60 per cent to £53.6 million.

Carillion is now making more money maintaining buildings than from putting them up. It is now the UK’s biggest building services business as the work makes two thirds of its profits.

It is also winning high profile construction work such as the £400 million deal to build the broadcast and Press centre for the 2012 Olympic Games in London.

Chief executive John McDonough said today: “This is a really great set of results for us, we are really pleased with them and I think it shows the benefits of our successful strategy.”

The firm concentrated on PFI and UK Government-backed road, rail and building projects as well as expanding in the Middle East, where it aims to double business to £600 million by the end of next year.

This has allowed it to sidestep the worst impacts of the slide in the UK construction and housebuilding markets.

Mr McDonough said UK construction only accounted for 10 per cent of group profits, with two thirds from support services and PFI work and a further 15-17 per cent from the Middle East.

“We have nearly doubled our UK orders to £4.6 billion which gives us almost two years worth of work in the UK,” he said.

“Our service contracts range from seven years up to 35 years, maintaining roads and buildings. We have a £20 billion order book overall, with another £4.1 billion of ‘probable’ orders.”

The firm also made better than expected progress integrating Alfred McAlpine after a £590 million takeover last year. Savings from the deal rose from £30 million to £40 million a year.