M&E specialist SSE Contracting has posted a 24 per cent increase in operating profit despite suffering a slight fall in revenue.
Operating profit before exceptional items grew to £34m for the year to 31 March 2015, up 24.6 per cent from £27.6m the previous year.
Turnover at the firm, which is part of energy giant SSE, declined slightly to £489.5m, down from £490.1m in its previous results.
Profit before tax rocketed to £79.6m, up from £3.9m, after the specialist sold seven streetlighting PFI projects to Equitix Infrastructure for £97.5m at a profit of £43.9m.
In its previous results to 31 March 2014, SSE Contracting incurred £25.5m of exceptional costs after restructuring the business ahead of this year’s PFI asset sale. These costs had a significant impact on the firm’s operating profit.
The company has reduced costs from £417m in its previous results to £408m for the year to 31 March 2015, while employee numbers and wage costs have fallen by 3.8 per cent and 0.6 per cent respectively.
The firm’s order book stood at £143.9m, up by £22.4m compared with 31 March 2014.
Its directors said it will focus on ”increasing the presence of the strong SSE Contracting brand and reputation” and that the firm was likely to expand into new areas of the UK.
SSE Contracting’s current regions of focus are the South of England and Scotland.