4Projects enjoys surge in demand for IT software

4Projects, the IT group offering construction project collaboration software via the extranet, has lifted its turnover by more than a third to £4.4m.

Latest annual results, covering the 12 months to 31 March 2008, show a pre-tax profit of £1.1m, representing a margin of 26%.

However the profit figure only tells half the story as there was also a management charge of £720,000 (as in the previous year), a permitted move which served to minimise the group’s exposure to corporation tax.

Effectively, the two can be added together to give an underlying profit figure of £1.9m.

The healthy profit resulted in a £490,000 dividend to shareholders.

4Projects divides its team of 44 employees into two groups: 13 technical staff and 31 employed in sales, marketing and account management.

The group’s wage bill jumped from £1.1m to £1.5m.

Since the year there has been a change in ownership and as a result 4Projects is now a subsidiary of Riverside Acquisitions.