Connaught Plc, provider of integrated services to the private and public sector, said on Tuesday it had delivered record revenue and profit growth in the six months ended on 29 February 2008, thanks to strong organic growth and new acquisitions.
The company said that its pre-tax profit in the first half had risen 60 per cent to £13.0 million. The group's revenue was also up 55 per cent to £165 million and its interim dividend rose 20 per cent to 0.925 pence per share.
Connaught said that organic growth of 23 per cent and growth through acquisitions accounted for 32 per cent of its total revenue.
The company's Social Housing division saw its revenue and profits rise 45 per cent and 51 per cent to £205.6 million and £11.2 million respectively. The company's Compliance Services division also saw its revenue and profits rise 110 per cent and 150 per cent to £49.9 million and £6.5 million respectively.
Mark Tincknell, chairman of Connaught, said, The first half of this financial year has been a period of significant progress for the Group and we have delivered another record set of results. Strong organic growth has been supplemented by earnings enhancing acquisitions - the most notable of these being the £91 million acquisition of National Britannia, the leading player in the fast growing white collar compliance market.
We are excited about the Group's future. We have a strong business, with excellent earnings visibility: 99% of 2008 and 93% of 2009 market forecast social housing revenues are secured. As market leader, we are perfectly positioned to further capitalise on the favourable conditions in our core markets.