Social housing contractor Apollo has posted a 22% rise in turnover for the year to 31 March 2009 from 拢214.5m to 拢261.6m

Pre-tax profit remained flat at 拢12.4m but the company revealed that its recent debt restructuring deal with Lloyds Banking Group, which paves the way for the sale of the bank鈥檚 20% stake, reduced debt from 拢343m to 拢150m. A company statement said Apollo would continue its geographical expansion in the UK but warned of 鈥減rofit margin erosion鈥� owing to the recession.

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