Midas strikes gold through long-term framework deals

Property service group Midas has doubled its turnover and profit through successful long-term framework agreements and a restructuring of the group.

Figures for the year ending 30 April saw turnover up 53% on last year to £115m. Pre-tax profit rose 66% to £2.5m. Its order book for the year stands at £112m against a projected turnover of £150m.

Chief executive Steve Hindley put the success down to organic growth and investment in its workforce.

The group actively seeks to promote staff from within and has already reinvested £1m in training across its 450-strong workforce.

Work for repeat clients accounts for 80% of Midas' business; those clients include blue-chip names like Tesco, Sainsbury's and Marks & Spencer.

Last year the group moved away from its area office set-up to create bespoke customer teams for its clients.

Hindley said: "Adopting the Egan principles can be good for business. Success does not come from acquiring other businesses and it amazes me to see companies looking to buy names such as Laing Construction and Ballast without knowing what they are getting themselves in to."

Midas is now looking to expand its development division by providing sites for clients.