Connaught profit up

SUPPORT services firm Connaught posted a rise in first-half adjusted pre-tax profit due to growth in all its three divisions.

Connaught, which maintains social housing for a number of Yorkshire local authorities, said its revenue visibility stood at 96 per cent of 2010 expected revenue and 72 per cent of 2011.

The company's pipeline increased by 30 per cent over the last 12 months and stood at 4.9bn.

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For the six months ended Feb. 28, adjusted pre-tax profit was 20.7m compared with 17.3 million pounds in the year-ago period. However, pretax profit fell 21 per cent to 10.7m.

Revenue rose 17 per cent to 355m despite some impact from poor weather in January, the company said.

The company said it would pay dividend of 1.308 pence, up 20 per cent from the year-ago period.

Connaught's shares have lost 23 per cent of their value in the last three months.

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