Apollo profit falls despite turnover increase

Pre-tax profit at Apollo Property Service Group has fallen 6% to £17.4m, despite a 22% rise in turnover.

Accounts for the Essex-based company for the year to 31 March 2009 showed that turnover was up substantially to £261.6m (£214.4m).

The firm, which operates predominantly in the public sector, particularly within social housing, saw a large proportion of its revenue for the year come from framework deals.

Recently the firm hired ex-Bovis Lend Lease chief commercial officer Paul Johnson to act as its commercial director as it attempts to grow its ability to manage contracts in the £100m-plus range.

The amount the firm owes to trade creditors dropped slightly to £38.9m, compared to £39.6m in the previous year.

The highest-paid director at the company took home a reduced pay packet of £389,606, compared to £437,615 in 2008.