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Planned Maintenance record

FINANCE

TRADING has revived at Planned Maintenance, with the privately owned contractor posting record results for 2002 - its 40th year - despite work tailing off in the second half and pension costs increasing.

The firm lost £1.25 million in 2001 after the collapse of two clients, US energy giant Enron and Independent Insurance. But pre-tax profits increased £536,000 to £1.6 million in 2002 as turnover rose to £133.6 million from £128.5 million.

Chairman Anthony Stevens said: 'This result was achieved despite a significant decrease in instructions for project work in the middle part of the year.'

Margins at Planned Maintenance rose a quarter to 2 per cent as operating profits surged £867,000 to £2.7 million despite the firm having to cough up an extra £474,000 in pension contributions.

The company, which employs around 2,000 staff, made the payment after the net deficit on its defined benefit pension scheme lurched down £6.6 million to £8.8 million.