Improved business structure helps group overcome downturn on fit-out and development sides

Midas Group has posted a 38% rise in pretax profit for the year ended 30 April 2008 despite a decline in work from its fit-out and property development arms.

The pretax figure rose from 拢4.3m the previous year to 拢5.9m as turnover edged up 3% to 拢210.1m. As a result the profit margin rose from 2.1% to 2.8%.

The south-west UK-based group said the increased profitability was down to an improvement in the structure of the business and better risk management controls.

The breakdown of turnover showed that while the construction division experienced a rise of 15%, the economic downturn meant revenue at the firm's Midas Interiors fit-out business fell by over a quarter to 拢38.8m:

  • Construction: 拢167.6m (2007: 拢145.5m)
  • Midas Interiors: 拢38.8m (2007: 拢52.6m)
  • Commercial Developments: 拢3.7m (2007: 拢5.1m)

The pay of the highest-paid director rose 18% from 拢505,000 to 拢596,000.

A company statement added: 鈥淒espite deteriorating economic conditions every business within the group performed well. The group goes forward with a very healthy cash balance of 拢35m.鈥�

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