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Shares dipped at social housing maintenance specialist Inspace as it announced a 11.5% fall in turnover even though it generate an increase in pre-tax profit.

The firm鈥檚 share dropped 2% on the news that turnover fell to 拢62.64m for the six months to 30 June 2006 from 拢70.815m in the same period last year.

However pre-tax profit grew 6.8% to 拢3.7m up from 拢3.4m the group also improved its operating margin which increased to 5.7% up from last year鈥檚 5%.

Colin Enticknap, executive chairman, said turnover has been in line which market鈥檚 expectations and was a result the winding down of subsidiary Inspace Complete鈥檚 Job Centre Plus refurbishment contracts. The reduction in Inspace Maintain, its non-housing and maintenance unit, as part of a planned programme also impacted on turnover.

AIM-listed Inspace was formed when it demerged from contractor Willmott Dixon last year. In July Inspace agreed to pay 拢64.5m for entire issued share capital of Willmott Dixon鈥檚 social housing arm Widacre.

Enticknap said the acquisition would increase its market share of the registered social landlord market, which he sees as an important customer base for tapping into work under the government鈥檚 Decent Homes initiative.