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Development helps Bowmer & Kirkland's profit hit £33.5 million

FINANCE

A STRONG showing by Bowmer & Kirkland's development arm helped the Derbyshire-based private construction group lift pretax profits by 58 per cent to £33.5 million last year.

Chairman John Kirkland pointed to the firm's success in collaboration with other developers in joint ventures and profit sharing arrangements, although he did not expect a similar level of transactions this year.

Bowmer & Kirkland's group turnover rose by 10 per cent to £537 million and the firm said activity and net profit at its construction division increased during the year. The firm's engineering division produced its best results for some time and its housing arm performed ahead of expectations.

Mr. Kirkland said 2005 had started well with all divisions busy and a strong forward order book. A good level of profit was forecast.

nLorne Stewart, the privately-owned building services and engineering group, lifted pre-tax profits by 11 per cent to £3.77 million for the year ending December on a turnover 3 per cent lower than the previous year at £208 million.