Building firms' revenues up, profits down

摘要

Two local government contractors - Interserve and Kier - have announced falls in pre-tax profits, despite increases in revenue. Interserve's annual results for 2014, which were published on 26 February, contained a mixture of good news and bad news for the contractor, with revenue up by 33% on the previous year, but a drop in pre-tax profits from £68.1m the year before to £61.9m. The company's chief executive, Adrian Ringrose, said he was 'encouraged by the growth potential of the business'. 'Our attractive positioning in our core markets and our ability to identify, invest in and deliver on attractive project and corporate opportunities is a powerful differentiator,' said Mr Ringrose. The annual results were followed by an announcement that Interserve's chairman, Lord Blackwell, is stepping down after 10 years in the role.