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Keltbray profits balloon

The firm carrying out demolition work at the sites of London’s planned two tallest buildings saw pre-tax profits rise by a whopping 122 per cent last year.

Keltbray has begun to tear down the existing building near London Bridge train station that will make way for the 310 m high Shard of Glass which will eventually be built by Mace.

And it has been carrying out groundwork and demolition work across the river Thames at Bishopsgate in the City ahead of Multiplex starting work on the 288m high Pinnacle building later this summer.

In its latest report and accounts filed at Companies House, the firm revealed pre-tax profits had hit £7.3 million in the 12 months to October on turnover up 43 per cent at £108 million.

In a statement accompanying the results, Keltbray said: “This position is a reflection of the company’s reputation for delivery on the most complex of projects for major clients.”

During the period, Keltbray hired nearly one third more staff with numbers on the payroll now standing at 384. As a result, wages went up by nearly £4 million to £17.2 million.

The highest paid director, who is not named, picked up £693,000.