Wolverhampton construction and engineering firm Carillion is nearing the end of its run of disposals and said it had made a good start to 2005.
Reporting an eight per cent rise in annual underlying profits, it also revealed it had bought Planned Maintenance Group - one of Britain's top building maintenance companies - for £40 million cash.
PMG carries out high-tech, highly skilled work for customers including Deutsche Bank where it maintains the trading floor.
Chief executive John McDonough said last year's disposal of Carillion France and Crown House were the "last two major disposals".
Since demerging from Tarmac in 1999, Carillion has turned itself around by selling off businesses such as mechanical and electrical engineering unit Crown House and re-inventing itself as a leading private finance initiative player.
"The significant ones are all done, and we're in the shape we want to move forward and grow the business," Mr McDonough said, adding that one or two minor disposals could still be on the cards.
It emerged early this week it is selling Wysepower - a temporary power supplier it owns alongside P&O - to Laboursite.
Wysepower services a wide range of high-profile industrial and commercial contracts operating from six depots nationwide and with a headquarters in Wolverhampton.
Laboursite confirmed there will be no changes to the structure of the business and current staffing arrangements will be maintained.
Carillion agreed to include Wysepower on their preferred list of suppliers for the next three years.
Carillion's order book was worth £5 billion at the year end, with probable new orders of £2.2 billion.
Mr McDonough said Carillion ended the year with a £154 million cash surplus which will be partly used to fund organic growth, bolt-on acquisitions and returned to shareholders through an increased dividend.
Finance director Chris Girling said Carillion's programme of selling equity in PFI projects was nearing an end. "We will only do it in future if we get a deal that is demonstrably better than holding on to it," he said.
Carillion was upbeat on the outlook for its rail business.
It said UK investment in rail enhancement projects and renewals is expected to be £3.3 billion in 2005.
"We expect growing opportunities to increase our share of this market from its current level of around ten per cent," the company said.
New contracts in 2004 also included the £80 million, 20-year Birmingham and Solihull LIFT project which concerns a number of health centres.
And it was positive on the outlook for hospital contracts.
"We expect to reach financial close on the Queen Alexandra Hospital, Portsmouth, worth approximately £1 billion, in the first half of 2005," it said.
The final dividend for 2004 was 4.825 pence, making a total dividend for 2004 of 7.5 pence.
Sir Neville Simms, who is standing down as chairman, said he was pleased to report the good progress in 2004 and the good start to 2005.
Pretax profits before exceptional items and goodwill were £54.7 million for 2004, up from £50.8 million the year before.
Analyst Howard Seymour at Bridgewell Securities retained his "overweight" recommendation on the stock and forecast 2005 underlying profits of £56 to £57 million.