Expansion at Manchester-based contractor Ocon has relaxed after two years of explosive growth according to its third set of annual results.
The firm’s turnover edged down slightly from £98.1 million to £95.6 million for the year to 30 September 2007 but profits jumped more than 500 per cent from £306,000 to £1.6 million.
The results are in line with Ocon’s strategy to consolidate the operations of the business after earlier booming growth seen since the company was formed to deliver a student accommodation project in Liverpool in 2004.
Ocon’s management has a policy of only taking profits from projects that are more than 75 per cent complete, meaning that profits were taken this year from jobs that it has worked on in previous accounting periods.
Staff numbers were up from 121 in 2006 to 150 last year, with average staff wages of £38,526.
The firm is owned by developer Opal Property Group, which provides around 50 per cent of Ocon’s workload.