Social housing contractor and residential developer Durkan Holdings made a loss of 拢776,167 in the year to 31 January 2009, as a result of a 拢5.8m writedown of its stock and development land

Despite the fall, turnover at the company rose 73% to 拢179.2m from 拢103.4m, thanks largely to its social housing arm, where turnover almost doubled from 拢72m to 拢141m.

Over the year, Durkan reduced bank borrowings from 拢83m to 拢74m. It said that since January, there had been 鈥渁 noticeable increase in sales activity at all our developments鈥�. The pay of the highest paid director fell 62% from 拢399,667 to 拢150,590.

A company statement said: 鈥淥verall the group is trading satisfactorily and is well positioned to take advantage of forthcoming challenges and opportunities.鈥�

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