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YJL eyes regional contractor after its reversal of fortunes

Finance

CONTRACTOR YJL is looking to acquire a medium-sized construction business after unveiling improved results showing a return to profit and announcing a boardroom shake-up.

The firm is looking for a regional contracting business with a potential turnover of up to£25 million to bolt on to its existing £170 million-turnover contracting business.

YJL finance director Paul Sellars said YJL had been in talks with several potential targets, although discussions were still in their early stages.

YJL reported a pre-tax profit of £8.5 million for the year ending September compared with a loss of £3.2 million last time, although the result included a profit of£4.5 million after its disposal of Lovell Partnerships.

Profit from the group's continuing business in construction and property was £916,000.

The group's long-runningcampaign to clear its borrowings enabled it to report net cash of £2.1 million.

Meanwhile, chief executive David Heppell is leaving the group and Roger Feast has joined from Jarvis to become chief executive of YJL's construction division.