More work but less turnover for Spencer

Civil engineering specialist Spencer saw the number of tenders it won last year jump nearly threefold but turnover fell 15%.

Spencer's latest results lodged at Companies House for the year to 31 January 2009 show turnover of £60.1m, down from £71.9m the previous year. Pre-tax profits were also lower at £472,000 compared with £819,000 the previous year.

The figures show that the number of tenders won by the firm increased to 91 in the latest period, up from 36. Spencer's success rate also shot up, winning 46% of the jobs it chased, compared with 22.2% the year before.

Spencer had £70m of secured work on its order books as of April this year. The highest paid director received £193,423.

Staff numbers fell from 430 to 375, with the average salary across the firm working out at £42,300.