VHE bullish after results rise to pounds 1.8m

VHE, the land regeneration contractor floated last autumn, reported an 18 per cent rise in profits to pounds 1.8m for the six months to 30 September on turnover 35 per cent up at pounds 12.6m, writes John Murray.

Tony Greasley, finance director, said the result was in line with expectations, although there was no profits forecast in the prospectus.

'We are bucking the trend, both in the industry and as regards the economy. We are picking up market share although, as a relatively small player in a big market, that is easier for us.'

He added that the business was moving towards being solely a main contractor rather than taking on sub-contracting work as well.

The percentage of business coming from St Paul's Developments has fallen to 19 per cent.

Brian Waldron and Brian Thomson, respectively chairman and managing director of VHE, control St Paul's.