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Rydon says figures will improve

Rydon says it expects turnover and profits to bounce back this year after both fell in 2007.

The Sussex contractor said revenue was down 20 per cent on an annualised basis following an 18 month accounting period in 2006.

The firm said that period’s £177.6 million turnover was caused by a number of PFI projects reaching maturity which levelled off last year to £95 million.

But the company, which is based in Forest Row, said it expects workloads form PFI and social housing work to push turnover up, with current orders in hand standing at £128 million.

In a statement accompanying its results filed at Companies House, the firm said: "The mix of turnover betwen PFI contracts and work for RSLs is better going forward than in previous periods and reduces the risk of reliance on specific work sources."

Annualised operating profit inched up from 5.7 to 5.8 per cent although pre-tax profits in the year to September 2007 fell 40 per cent to £6.8 million from the £11.3 million in the 18 months before.

The salary of the highest paid director, who is not named stood at just over £153,000 while the firm broke out a number of administrative expenses in its accounts - these included spending £223,000 on printing, postage and stationary, £101,000 on telephone bills and more than £21,500 on entertaining.