Connaught, which provides property services to owners and occupiers of buildings in Britain, posted pre-tax profit of £30.7m for the year to end-August, slightly ahead of analysts' average forecast of £30.4m. Overall turnover increased by 40 per cent to £553m.

The group's social housing unit, which brings in around 80 per cent of revenues and which refurbishes, maintains and provides estate management services for local government-owned housing, achieved a 28 per cent increase in revenue to £447m.

But greater momentum came from Connaught's compliance unit, which achieved a 130 per cent increase in revenue.

The company said it was relatively sheltered from the impact of the credit crunch and any potential public sector belt-tightening, as social housing would always need to be maintained and compliance to be checked.

"I am confident about Connaught's future. We have a strong experienced management team and are well placed to continue to deliver high quality earnings growth for many years to come," Chairman Mark Tincknell said in a statement.