Construction firm's profits bucking trend

A Stourport-based construction company has bucked the downward trend caused by the credit crunch today announcing profits of £3 million.

Thomas Vale has announced record results for the year ending March 31.

Turnover during the year increased by 27 per cent to £195 million with a profit before tax of £3 million.

The company says the reason for its success in such difficult conditions for the construction industry, is due to the fact it is not a developer and does not work on speculative housing projects.

Thomas Vale is a general contractor which builds on behalf of clients and shared ownership schemes.

Press officer Aimee Hyde said: "Thomas Vale is not a developer. We are a general contractor we are not involved in speculative building projects. We do for instance Decent Homes work which is done on behalf of local councils."

Chairman Mike Willis added: "Strategic actions put in place in 2007 have put the group in excellent shape with increased turnover resulting from our framework and partnership contracts with no exposure to speculative development.

"In addition the business had achieved good levels of profitability and strengthened balance sheet at the year end. Over the last five years the business has grown annually by an average of 26 per cent."