Construction pays off at Dew Pitchmastic as profit hits £1.5m

Dew Pitchmastic has announced a pre-tax profit of £1.5m on a £130m turnover in the 12 months to 2 November 2003.
Having become a focused construction group, following the sale of the Pinelog holiday business, chairman Hugh Grayson said Dew is on track to hit an annual turnover of £150m in the future.
The biggest of Dew's three operating divisions is specialist construction, where a £124m turnover logged a £2m profit. Grayson said: "Our ambition is to earn a net margin of 2.5% to 3%. In the past year we came close, bearing in mind the profit deferrals."
Several large contracts undertaken during the past year will be paid for in this financial year.
Group profit was topped up further by a contribution of £560,000 from the PmB structural waterproofing division. Dew's third division, Response Bioremediation, made a £1m loss.
Dew Construction managing director Steve Sharp will become group managing director later this year.
The group's latest accounts emphasise Dew's hostility to the new accounting standards for pension schemes. Financial details are avoided, with the directors stating that they "continue to believe that the FRS17 accounting standard is conceptually flawed".