A STOURPORT construction company bucking the current downturn has announced improved half-year results.

Thomas Vale, based in Worcester Road, was set up in Stourport in 1869 and is one of the UK’s largest privately-owned construction businesses, with an annual turnover of more than £200 million. Turnover in the sixmonth period ending on September 30 this year increased by 20 per cent to £109.5 million, from £91.4 million last year.

Pre-tax profits increased by 18 per cent to £1.62 million, compared to last year’s figure of £1.36 million. In the 12 months up to March 31, 2008, the company reported a turnover of £195.1 million and profits of £3.07 million.

On September 30, the group had positive bank balances of £18 million, up from £7.6 million last year, and no borrowings.

The business currently employs 850 staff working on projects such as the reconstruction of Hereford Police Station, Hereford Crematorium and new social developments in south Birmingham and Nuneaton for housing associations.

The firm also works on major framework projects for Birmingham City Council, having completed the Gymnastics and Martial Arts Centre.

Chairman Mike Wallis said: “The result was in line with expectations and we are confident that our full-year forecast will be met as the secured workload is already in place for the year.

“Our positive cash balances and zero borrowing puts us in an excellent position to grow the business organically or even consider acquisitions as opportunities present themselves.” Managing director, Tony Hyde, said: “The results confirm an outstanding performance in a market place with real pressure.

“Everyone associated with the business provides a strong foundation and this will give clients and supply chain partners every confidence in Thomas Vale.

“We have secured numerous awards over recent years for service, quality and innovation.

“All of our core businesses in social housing, regeneration, education, healthcare, retirement and infrastructure are performing well with high levels of opportunities being presented to us as our clients increasingly look for certainty of delivery in these troubled times.”