Highest social housing waiting list for 20 years helps boost profit 23%

Housing services group Connaught has bucked the credit crunch trend, and recorded a 23% jump in profit before tax.

The group saw its pre-tax profit for the year ending 31 August rise from 拢21.7m in 2008 to 拢26.7m in 2009.

It also saw its revenue rise from 553m in 2008, to 660m this year, as the UK recorded 1.8m on its waiting lists for social housing 鈥� the highest level recorded for two decades.

Meanwhile, its order book stood at 拢2.8bn compared with 拢2.6bn in 2008.

Commenting on the group鈥檚 preliminary results, chairman Mark Tincknell said: 鈥淭he majority of our services are either non discretionary or essential in nature and we are therefore much less susceptible to changes in government spending and the economic cycle.鈥�

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