Thomas Vale confident over OFT fine

Thomas Vale bosses are confident any possible fine levied on the firm in the wake of the Office of Fair Trading price-fixing investigation will not blow a hole in the company's balance sheet.

Thomas Vale was one of 112 firms caught up in an anti-competitive practices probe which is due to be completed next month.

The contractor posted its latest results at Companies House this week and confirmed: "If the the OFT's case is proven a fine may be levied. The directors believe that in the event that a fine is levied, the company will receive a high level of mitigation.

"At this stage of the process the directors are not able to assess the likely amount of the fine, if any. However, on the basis of discussions with the OFT and legal advice received the directors are of the view that any fine arising will be capable of being met without undue financial impact on the company.

"No provision for any fine has been made in the financial statements."

Results for the year to March 31 2009 show pre-tax profit increased to £2.54m compared to the previous year's £2.4m on the back of turnover up to £179.9m from £165m.

The number of employees at the firm also increased from 517 to 618 with the highest paid director's pay rising to £205,433 from £179,525.