The managing director of demolition firm John F Hunt does not anticipate a recovery in London鈥檚 commercial property sector within two years, he said as he revealed a 拢10m drop in turnover

The Essex-based outfit released its annual results this week. They showed a 28% fall in turnover from 拢36m in 2008 to 拢26m in 2009. Pre-tax profit was 拢1.6m compared with a loss of 拢381,000 in 2008, helped by 32 staff (including two directors) leaving during the period. The cuts reduced the wage bill by more than 拢1.5m and trimmed the average salary by 拢3,000 to 拢33,384.

Managing director John Hall said: 鈥淚t鈥檚 all about survival and it鈥檚 not going to get any easier in the next 12 months. As for the London commercial market, we speak to developers every day and my gut feeling is that an uplift is two years away.鈥�

Hall is cautiously optimistic, however, with 拢15m of large commercial jobs in London lined up, though on hold, two big housing regeneration jobs coming up in the capital, regular work from a Ministry of Defence framework and potential Crossrail work.

鈥淲e鈥檙e one of six Crossrail framework demolition contractors, which in total will be more than 拢50m of work, so we鈥檙e hoping that some of that will help lift us out of the recession. But if a future government cancels it, that would be suicide.鈥�

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