BANNER has reduced it's workforce after a slump in operating profits, as workload fell at the Chesterfield-based construction management and contracting outfit.
Turnover at Banner, whose management bought the company four years ago from Henry Boot for £5 million, fell £6.1 million to £42.9 million in 2005 and operating profits virtually halved to £240,446.
Chairman Peter Elston said: 'Work acquisition is in excess of budget, with excellent prospects for this to be further enhanced.'
The fall in workload was due mainly to a decrease in work done through joint ventures.
Banner's staff numbers fell a third to 100 by the end of last year, which cut the wage bill £1.7 million to £2.9 million.
Group pre-tax profits ballooned £1.6 million to £2.2 million but this was due to a £2.2 million credit after a change in the firm's pension system.
Banner has invested £1.7 million in IT over the past three years. In January Mr Elston's son, Peter L Elston, took the managing director's role as part of a succession plan.
Banner also launched three divisions: sports surfaces, rail plant and site health care.