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In the year to 31 December 2007 turnover dropped 9% to 拢206m owing to a fall-off in its South-east contracting business but pre-tax profit at the Harrow-based group rose 23% to 拢7.8m.

Gary Edwards, business development director, said: 鈥淲e are looking at service and maintenance opportunities in the Middle East and western Europe.鈥�

The push towards 拢500m will be a mixture of acquisition and organic growth spurred on by what Edwards called a 鈥減ush into the power and utilities market鈥�.

He said: 鈥淲e have a lot of people with a power background but who haven鈥檛 realised that potential. We鈥檙e looking to grow across the whole of that particular market.鈥�

Growth will be heavily focused on the engineering services markets while its M&E contracting market will remain largely flat.

The group said its increased profitability last year was caused by a cut in the number of poorly performing jobs.

The highest-paid director took home 拢400,000, a drop from last year鈥檚 figure of 拢532,000. Staff levels fell from 1,867 to 1,749 and average pay was 拢38,000.