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Gee profits hit

Gee Construction has said that three-quarters of its 2008 workload has been secured putting it on track to beat this year’s £40 million target.

That figure would top the one recorded by the Essex-based group last year which, in the 12 months to September 2007, saw revenue drop 11 per cent to £34 million.

The main reason for the fall was lower workloads at its contracting business which turned over £26.3 million and made a £500,000 pre-tax profit – up 25 per cent on last time.

Its site accommodation business Advante saw turnover rise nearly £2 million to £8 million while pre-tax profits at this arm jumped 17 per cent to £1.47 million.

But despite the profits hikes at its two divisions, overall group pre-tax slipped one fifth to £1.9 million.

The firm, which also has offices in south Wales and Bristol, employed just under 100 people in the period covered. The salary of the highest-paid director fell 14 per cent to £270,000.