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Sapcote develops

FINANCE

WILLIAM Sapcote is developing more of its own work after a slump in profitability at the Birmingham-based restoration contractor.

In the year to March 2004, pre-tax profits dwindled to £28,632 from £49,489 in 2003, despite turnover creeping up £1.6 million to £23.6 million. Chairman Richard Sapcote said: 'The company is engaged in a number of new residential and commercial developments, which will improve the levels of activity and profitability.'

The firm, which employs 120 staff, lost £27,979 at an operating level against a £32,544 profit in the previous year.