Pearce Group enjoys four-fold climb in profits to more than £2m

Pearce Group has quadrupled its annual pre-tax profit to more than £2m.

Latest financial results, covering the 12 months to 30 April 2007, show turnover jumping ahead to £160m (comparable figure in the previous year: £120m).

Pearce’s profit figure in 2006 was just £560,000.

Colin Forrest, chief executive, said: “Pearce has had a very good year. We have grown sales by almost a third and have more than doubled operating profitability.

“Our decision to focus on four key sectors – retail work nationally; and industrial, affordable housing and education in the South West – has worked and shows every sign of delivering further growth.”

Forrest said Pearce’s turnover is on line for a further jump, to £200m, in the current year.

The push for better links with national retail clients has resulted in a 42% increase in framework business.

“Relationships with Sainsburys and Marks & Spencer have developed well alongside our long-term customers Tesco and Asda,” said Forrest. “We also delivered four contracts for Primark and two from Morrisons last year.”

Regional construction work in the South West grew by 17%.

Included in the contracts won were a new factory and additional site developments for Rolls-Royce at Filton; two industrial projects for Terramond Developments; and a new Bath Business Park for Cubex.