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Commercial Property News
Bristol based Midas Group has the right touch - profits 38% up
Property services specialist the Midas Group has bucked the trend of poor performers in its sector, reporting an increase in pre-tax profits of £5.9million – an increase of 38% from the previous year.
The Bristol-based business, which has five divisions including commercial property and retail, declared profits up from £4.3million in its 2006-07 annual report, which the company attributed to lasting partnerships in specialist sectors of the industry.
Alan Hope, chief executive of the group, said the business had benefited from increased investment in its service delivery.
He explained: "We continue to perform very well and over the last six months we have won record levels of new work. 81% of our turnover was in a repeat business relationship or a long term Framework."
The results include a number of months when adverse market conditions had begun to take a toll on many of Midas' peers, as the results are for year ending 30 April 2008.
Midas ended the year with a cash balance of £35.2million, an improvement of £5.2million from the previous year.
Its cash performance at 17% of 12 months rolling turnover is a top quartile industry performance for the business' sector.
The Bristol-based business, which has five divisions including commercial property and retail, declared profits up from £4.3million in its 2006-07 annual report, which the company attributed to lasting partnerships in specialist sectors of the industry.
Alan Hope, chief executive of the group, said the business had benefited from increased investment in its service delivery.
He explained: "We continue to perform very well and over the last six months we have won record levels of new work. 81% of our turnover was in a repeat business relationship or a long term Framework."
The results include a number of months when adverse market conditions had begun to take a toll on many of Midas' peers, as the results are for year ending 30 April 2008.
Midas ended the year with a cash balance of £35.2million, an improvement of £5.2million from the previous year.
Its cash performance at 17% of 12 months rolling turnover is a top quartile industry performance for the business' sector.
Mon, 8th Sep 2008