UK construction collaboration vendor 4Projects has lodged its annual report and accounts for the year ended 31 March 2007 with Companies House (the figures were also reported by UK trade newspaper Contract Journal). The results relate to the last full financial year before the management buyout of 4Projects Holdings Ltd (see MBO at 4Projects) in July.
4Projects Ltd’s turnover rose 40% to £3.218m (from £2.291m in the year to 31 March 2006), while pre-tax profit grew from £124k to £721k.
According to Contract Journal, the profit figure understates the real story, as the company paid a £720k management charge to a sister company to minimise the group’s exposure to corporation tax: “Effectively, the two can be added together to give an underlying profit figure of £1.4m (previous year: £850,000).”
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