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Pitchmastic logs profit rise after sale

FINANCE

DEW Pitchmastic's decision to demerge its holiday lodge business Pinelog last year has paid off as the stand-alone contracting arm increased profits by a third.

Pre-tax profits rose £610,000 to £2.5 million in the year to November 2002, but turnover was static at £105 million as a result of hold-ups in new jobs.

Group director Steve Sharp said: 'Delays in certain project start dates close to the year-end prevented turnover being higher but this has allowed the management to prepare well for the heavy workload now being undertaken.'

The firm is best known for civil engineering but is working for health club chain Total Fitness and on social housing work in Wandsworth, south-west London.

Executive chairman High Grayson said: 'The order book is three times higher than a year ago and many other projects are almost assured.'