United House profit up 113%

United House has published a record set of financial results, with a 113% leap in pre-tax profit to £13.6m in 2008.

Accounts for the year to 31 December 2008 also showed that the social housing contractor's turnover jumped 65% to £179.1m (£108.7m).

In its directors' report, the company said that its success had been driven by its social housing refurbishment business, as well as its expanding new-build activities.

But it warned that the main risks it faces are a reduction in social housing refurbishment and new build as the government tightens its belt.

But it predicted that social housing would remain a mainstay of public sector spending: "All the major political parties have made housing commitments and recognise the importance of social housing waiting lists which accounts for around c30% of the UK's housing stock. Indications are that the number of people on the social housing waiting lists are at an all time high of c5million having grown by 1 million over the last 10 years. Consequently the need for social housing is very high," it said.

United House's order book now stands at over £450m, with a pipeline of projects worth around £2bn.

The firm's highest-paid director received a major pay hike to £478,932 for the year, up from £131,839. But this was offset by a reduction in pension contributions from £133,680 to zero.

The amount of money the firm owes to creditors rose slightly, with the amount of money falling due within one year rising 16% to £43.5m. The amount of money the company owes falling due after more than one year, all of which consisted of bank loans, rose 235% to £2.67m.