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Results of restructure delight Croudace boss

FINANCE

A RESTRUCTURING by incoming Croudace chairman Tony Ratcliffe cost the privately owned house builder £1 million last year and left pre-tax profits off £492,000 at £15 million.

But operating profits at the firm, which also works as a contractor and developer and builds social housing, leapt £2 million to £15.3 million in the year to September 2002, despite turnover remaining static at £82.7 million.

Mr Ratcliffe said: 'This is my first full year as chairman and I am delighted with the outstanding results.

'I look forward to the future with great confidence.'

Mr Ratcliffe took over as chairman two years ago from his father, who founded the business after World War II.