Contractor鈥檚 industrial division powers Shepherd to profits of 拢31.5m for the year to June 2011

Contractor Shepherd Group has nearly doubled its annual pre-tax profits this year posting a profit of 拢31.5m for the year to June 2011, up from 拢16m last year.

The group鈥檚 strongest component was its industrial division which had an operating profit of 拢26.6m.

Meanwhile, Shepherd鈥檚 construction division entered profitability for the first time in years making 拢4m, its highest profit ever. Last year it lost 拢2.1m.

However, the new homes branch of the group, which includes Shepherd Homes and Homeseeker Park and Leisure Homes, recorded losses which were blamed on continued poor market conditions.

Group chairman Alan Fletcher said: 鈥淭he quality of the management teams, the excellence of the product offerings, the swift action taken to improve efficiencies and sound cash management have combined to drive improved profit performance and build the group鈥檚 financial strength.

鈥淲hile the continuing general economic uncertainty points to a need for caution in the short to medium term, the considerable improvement in the group鈥檚 profitability and its sound financial performance give confidence in the underlying strength and future potential of the business.鈥�

Topics