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Bright start for AIM newcomer Inspace

Interim pre-tax profits at maintenance firm Inspace rocketed 73 per cent to £3.5 million in the year to June 30 up from £1.9 million, in the company's maiden results on the Alternative Investment Market of the London Stock Exchange.
Inspace was de-merged from parent company Willmott Dixon in January and listed on AIM in May. During its first six months turnover increased 64 per cent to £70.8 million against £43.3 million in 2004 and its forward order book is worth £450 million until 2020.

Inspace specialises in repair and maintenance for the social housing sector. It has contracts in Richmond, Hammersmith and Fulham, a £20 million deal in Basildon, Essex to upgrade 12,000 homes, and a £45 million contract to upgrade the Corporation of London's housing stock over the next 15 years.

Private clients include Barclays, HBOS, Premier Travel Inn and Whitbread Restaurants, accounting for just under half of its business.

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