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Legal dispute sours VHE's year

VHE, the Yorkshire-based reclamation contractor, has unveiled a 41 per cent rise in interim pre-tax profits to £1.4 million for the half ending September.

The firm lifted turnover by two-thirds to £33.4 million and halved its gearing to 23 per cent.

However, VHE incurred legal costs of £510,000 in pursuing claims against the Black Country Development Corporation on the disputed Leabrook Road contract and it expects to face similar costs in the second half. The firm says it is confident of eventual success and that it is resisting accepting an inadequate settlement.