Mears beats slump with 26% profits leap

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The firm, which works for local councils in London and beyond, reported a 26% rise in profits to a record £22.2 million in 2008 after revenues leapt 38% to £420.4 million - the 13th consecutive year of double-digit growth.

"These results represent the most successful year in our history, achieved in a period of economic instability and with the country facing uncertain times," declared Holt, the chairman and chief executive.

He said that spending on council house repairs was "largely non-discretionary" and its focus on the public sector gave it "substantial immunity from bad debts".

The record profits - and an increase in dividend from 4p a share to 4.75p - marked another milestone for Mears in its first year since moving up to the main market from AIM.

Mears has won contracts worth more than £460 million in the past 12 months and has "significant opportunities at an advanced stage of the bidding process".