Property management group acquires Watertech for 拢9.1m as yearly revenues jump a third to 拢396m
Connaught has announced record end-of-year results, with pre-tax profit up 37%.
The property management group also announced the acquisition of water treatment firm Watertech for 拢9.1m.
Connaught has seen revenue jump by almost a third in the year ending 31 August 2007, to 拢396m from 拢300m in 2006. Pre-tax profit hit 拢17.8m, up from 拢13m last year. The group鈥檚 operating margins increased from 4.7% to 5.1%.
The group鈥檚 order book now stands at 拢2.1bn, an increase of 拢400m on last year鈥檚 figure.
The group has made a series of high-profile acquisitions in the past year, including last month鈥檚 acquisition of health and safety compliance specialist National Britannia for 拢91m.
Today鈥檚 announcement of its Watertech buy is the fourth acquisition in the past two months, on top of the September purchases of electrical testing firm PCL and water testing business Environment Plus for a combined total of 拢4.3m
Chairman Mark Tincknell said: 鈥淲e are well positioned for continued strong growth, both organically and through acquisitions. Connaught's investment has laid the foundations for the creation of a much larger business. The forward momentum is unprecedented in the Group's history.鈥�
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