Thursday, October 15, 2009

Faithdean sees turnover drop after Samsara Group sale

London-based construction firm Faithdean has seen its turnover fall to ВЈ76m following the sale of consultancy and FM firm Samsara Group.

The contractor, which also specialises in insurance claim-related refurbishment, storage installation and flooring supplies, saw its pre-tax profit fall by 32% to ВЈ5.4m.

But Faithdean said that it had had "a successful year of trading given the poor economic climate towards the end of 2008 that has carried on throughout 2009."

The firm added that the disposal of Samsara hid a trend which showed that turnover for continuing operations had increased rom ВЈ65m in 2008 to ВЈ76m in 2009.

Operating profit on continuing operations was also up from ВЈ2.3m in 2008 to ВЈ2.9m in 2009.

But the company had a less optimistic outlook for 2010: "For 2010 year end the expectation is now that turnover will be lower than that for 2009 and the group will report a small net profit," a company statement said.

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