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Botes sees profits fall

FINANCE

PROFITS have tumbled at Botes as the privately owned contractor from London took on staff to gear up for more work this year.

Pre-tax profits slumped £329,940 to £379,707 in 2003 as turnover fell to £62.8 million from £66.2 million in 2002.

The firm said: 'The directors are confident that the future prospects appear promising.'

Operating profits halved to £730,574 as Botes upped its workforce by 10 per cent to 354 people.This lifted the payroll by £2.4 million to £11.9 million. Margins were down to 0.6 per cent from 1.1 per cent in 2002.