The contractor formerly known as Montpellier has turned last year's 拢20m loss into a profit

Renew Holdings strategy of focusing on specialist construction and engineering markets has paid off with the contractor reporting a near three-fold increase in pre-tax profit to 拢4.6m.

Renew, which previously traded under the name Montpellier, generated an operating profit of 拢3.4m for the year to 30 September, up from last year鈥檚 loss of 拢20m.

Brian May chief executive told 好色先生TV that the company had stabilised and was making good progress.

鈥淥ur strategy now is to improve margins which we will do through selecting projects which best suit our skills.鈥�

In 2004 Montpellier was forced to restructure following a 拢6.9m which was a result of mis-pricing contracts. Since then the company has focused on specialist work such as land remediation, social housing and science and education.

May did not rule out acquisitions but said they would be in the engineering sector rather than construction.

Turnover was up to 拢341m from 拢330m last year.