Fit-out specialist Ibex Interiors is increasingly competing for work against larger players at the sub-拢2m end of the market as the credit crunch continues.

Mark Taylor, its managing director, said companies like 拢767m-turnover competitor ISG were doing more small jobs because these provided a greater churn of work. He said: 鈥淚t鈥檚 a more crowded marketplace now and jobs are tougher to win.鈥�

Taylor was speaking after Ibex announced its results for the year ended 31 December 2007. Operating profit at the company, which is a subsidiary of the John Doyle Group, doubled from 拢1.1m in 2006 to 拢2.2m last year.

Turnover grew 31% from 拢81.5m to 拢106.6m and Taylor said the company was on course to hit 拢120m in 2008. He said the margin improvement from 1.3% to 2.1% in 2007 was the result of a restructure in 2006.

Taylor maintained the group was relatively protected from the credit crunch because 70% of its business was from sub-拢2m jobs. 鈥淚t鈥檚 not all doom and gloom. At that level people are still taking new leases and needing fit-out work.鈥�

But he admitted work in the financial sector and speculative development jobs had fallen.

Taylor expects the group to raise its 40% share of turnover from the public sector to 50% this year, for added protection.

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