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Thomas Vale has reported a sharp increase in turnover as the group continues its expansion across the UK.

In its end of year results the Midlands-based contractor announced that turnover increased 28% to 拢251.6m 鈥� up from 拢196.4m in 2010.

The net asset value leaped a staggering 264% to just over 拢24.6m from the 2010 figure of 拢6.8m. The group has no borrowings and has accumulated cash balances of 拢21m for the year 鈥� up from 拢17.8m for 2010.  

Chairman of the group Mike Wallis said: 鈥淥ur continued focus on cash management and driving efficiency within the Thomas Vale Group has ensured that we have maintained our competitive edge.

鈥淢anagement and communication to supply chain has been critical in ensuring the success of a group-wide strategy to deliver greater cashable and non-cashable benefits for clients, delivery partners and stakeholders.鈥�

Thomas Vale is planning to expand its presence across the UK and recently opened its first offices in the north-east and Hertfordshire.

The company was recently selected to construct a 拢38m office block for Birmingham council and to carry out a 拢20m redevelopment of the Telford International Centre for the Southwater Group.

The company has also landed a spot on the West Midlands Contractors Framework, which covers capital-spend projects worth 拢180m and runs over a four year period.  

Tony Hyde, managing director of the group adds: 鈥淲e are confident that the new strategic business model that we have developed for the business will continue to deliver robust capabilities to our public and private sectors clients including the use of emerging innovations and markets which the rest of the UK construction industry is yet to implement.

鈥淭he continued effective management and selective diversion away from markets that carry high-risk has been essential in allowing us to achieve our vision for the business and the future.鈥�