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Speymill returns to profit

Speymill, which emerged out of the ashes of Wigmore back in 2005, returned to the black last year after a strong performance at its investments division.

The firm carries out property investment in German capital Berlin as well as Macau in the Far East and the division made around half of the group’s £2.3 million pre-tax profit, a fourfold turnaround on last year’s £525,000 loss.

Its contracting operation, which is based in Huntingdon, Cambridgeshire, carries out work building hotels and with revenues of £41 million provided the bulk of Speymill’s £52.7 million revenue last year – up 136 per cent on last time.

Group managing director Andrew Latham said this division had a forward order book of £140 million and added that the 2012 London Olympics would keep business buoyant.

He said: “2012 produces a good marker in the sand and London will need a lot more extra space for visitors.”

The AIM-listed firm is paying a dividend for the first time since its inception from Wigmore.