Spice soars to £32m on utility networks spend

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A contractor of outsourced utility services, Spice today reported a 58% leap in profits to £32 million in the year to 1 May.

The growth came on the back of acquisition-flattered revenues up 24% to £386 million. But organic profit growth was up 12% and profit margins went into double figures for the first time, 10.3% from 9.0%.

"We have created a business which is resilient to the economic environment because of our exposure to non-discretionary spend in the economy," said chief executive Simon Rigby.

"Regulators are demanding a 65% increase in expenditure on the electricity distribution networkOn top of that the top 5000 companies now have statutory carbon reduction targets."

The dividend is up 25% at 1.5p.