£170m turnover breaks records at Tolent

Tolent has unveiled a record turnover as a result of a "buoyant construction market in central and northern England," said chief executive John Wood.

Turnover (12 months to 31 December 2006) was firmly ahead at £170m (£140m) while pre-tax profit strengthened to £5.3m (£4.3m).

Wood said: "Margins in the general contracting industry remain low, with companies continuing to tender and negotiate contracts at low levels.

"The actions of these firms create a market where it is difficult to improve margins when developers and clients are passing greater risks on to the contractor."

Wood said that construction profits were in line with projections but property development profits from the Temple Point Office Park, near Leeds, again failed to materialise due to continued low demand for office accommodation.

Tolent started this year with an orderbook running to £110m.