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Opco celebrates first year aiming to double turnover

FINANCE

OPCO, the new Cardiff-based contracting outfit set up by the former directors of Brunswick Construction, is aiming to double its turnover this year.

The first year of trading to August 2002 produced turnover of £11.4 million but Opco's commercial director, Peter Jones, expects the workload to hit £25 million this year.

He said: 'It has always been our belief that good margins can be achieved in the construction sector from the right business mix coupled with the appropriate management disciplines.'

Mr Jones teamed up with Nick Kelly, a former regional director at Balfour Beatty, to lead a management buyout of Brunswick's contracting arm before the main holding company went under in 2001.

Mr Kelly is now chairman and managing director of Opco as well as the firm's ultimate owner.

Opco's first two jobs were a 179-apartment scheme in Cardiff Bay for house builder Westbury and an office and laboratory in Blackpool for pharmaceutical firm Johnson & Johnson. These provided most of the first year's workload and helped produce pre-tax profits of £193,518 and operating profits of £177,486. This gave Opco an operating margin of 1.6 per cent.

Opco is building a further 145 flats and 39 houses in Cardiff Bay for Westbury.