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Profits bounce back at Clancy Docwra

Clancy Docwra has reported a tenfold increase in pre-tax profits thanks to higher orders on water framework contracts.

The utilities contractor said pre-tax profit for the year to March 2008 now stood at £4.5 million – up from £442,843 last time.

Turnover was up 12 per cent from £203.3 million to £231 million due to higher order volumes on water framework deals in year three of a five year AMP4 cycle.

But the company said prospects for construction had decreased since the spring.

The firm said the pre-tax profit increase had given them the opportunity to transfer £1 million to the pension fund to reduce any potential future shortfall.

And the company said it would now be relocating operations in the north of England and Scotland to Sunderland and Livingston respectively while also redeveloping its existing southern and rail offices in Dartford, Kent, and Ealing in west London. It added that it would be upgrading its IT system this year as well.