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Road work drives Carey profits

PROFITS at Carey Group, the Wembley-based building and civils contractor, rose sharply last year despite a fall in its turnover.

The group's report and accounts show pre-tax profits rose to just over £7 million in the 12 months to March 2004, up from £4.8 million in the previous year.

Over the same period turnover at the group, which operates in the UK and Ireland, slipped by 11 per cent to £91.4 million.

No dividend was paid.

A review said the group had taken advantage of macroeconomic factors in the UK and Ireland and had opportunities to acquire properties, which will be developed in subsequent years.

Carey runs construction, civil engineering, demolition and plant hire operations and operates with a substantial directly employed labour force.

The firm, which also has off ices in Milton Keynes and County Kildare, said it had a large volume of repeat business. Public sector projects, particularly for the Highways Agency, feature strongly in its order book.