Connaught announce 33% profit increase

Connaught, the social housing services provider, has announced a 33% rise in pre-tax profit for the year ending February 2009.The companies revenue hit £304m this financial year, up 19% from the 2008 figure of £256m. Pre-tax profit rose to £17.3m, a 33% leap from last year's figure of £13m.

Connaught’s Social Housing business provides integrated property and estate maintenance services to Local Authorities, Arms Length Management Organisations and Registered Social Landlords throughout the UK. The results for the six months reflect the underlying resilience of the social housing market and Connaught’s position as market leader.

Mark Tincknell, Connaught’s Chairman said: “Connaught is well positioned in two highly defensive and fragmented markets where we have built a strong competitive position from which to grow share through our integrated services and efficiency-led approach. We have a well established brand and experienced management team and are well placed to deliver high quality earnings growth over the long term.”