Bullock Construction, the company formed from a management buyout of Montpellier鈥檚 social housing arm, has reported its first full-year results.

Pre-tax profit fell 12% compared with Bullock鈥檚 last year under Montpellier. It made 拢5m for the year ending 30 September 2006 compared with 拢5.6m in 2005. Turnover increased 31% to 拢117m from 拢89m.

Managing director John Gaffney said he was 鈥減leased with the way the company had performed since the buyout鈥�. He said the fall in profit was in line with expectations as the company had incurred some costs during the buyout. He expects turnover in the coming financial year to reach 拢140m.

Gaffney said the buyout had been a positive step. 鈥淲e have been able to focus our training and business on the social housing market, which has been better for us. Clients were pleased we were backed by HBOS and no customers have left us.鈥�

Bullock, which operates mainly in the Midlands and northern England, was bought out 18 months ago. Montpellier, which now trades as Renew, sold the business to raise money after it made a loss of 拢6.9m in 2004.

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