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Canary Wharf results tonic

The company that built most of Canary Wharf in London’s Docklands doubled profits and turnover last year.

But Canary Wharf Contractors admitted it was being affected by the impact of the credit crunch.

In a statement accompanying its results filed at Companies House, the group said: “The core construction business of the company is subject to many external economic and market factors which are cyclical in nature.

“These cycles manifest themselves by such factors as the oversupply of available space in the office market, a decline in tenant demand for space in London or a change in the market perception of property as an investment.”

The recovery begun in 2006 at the group – which had seen turnover slump from the near £1 billion it racked up in 2002 to a low of just £30 million three years later – continued last year with turnover up 119 per cent to £153.7 million. Pre-tax profits in the year to December 2007 were up by just over 100 per cent to £1.3 million.

The firm took on nearly 80 per cent more employees last year with 205 people on its payroll at the year end. But the average salary at the business dropped £6,000 to £84,000.