Worcester-based cleaning and facilities management group MacLellan yesterday said its restructuring operation was complete and that it expects organic growth in the current year.
The company, which was subject to a possible takeover offer earlier this year, reported a rise in pretax profit before exceptionals and goodwill for the year to December 31.
The figure was 22 per cent up at £6.7 million while turnover from continuing operations increased by 24 per cent £190.2 million.
Chairman Bob Morton said the group had integrated its recent acquisitions, including the £18 million First Security Group, and was well positioned to grow organically in 2005.
MacLellan has made ten acquisitions since 1998 and reported that it had received an expression of interest for its business in March. Talks did not get past the preliminary stage.
Last year the company won substantial new business from the Inland Revenue, the Department of Work and Pensions, Boots, Somerfield, Lotus and Barclays Capital.
A "major disappointment" was the loss of maintenance contracts at the Touchwood shopping centre at Solihull and at Blue Water in Kent.
The forward order book stands at £622 million and 86 per cent of of 2005's budgeted turnover has already been secured, Mr Morton said.
MacLellan says the biggest challenge for 2005 is to ensure that expansion ultimately yields growth in the earnings per share figure, which last year rose on an underlying basis to 5.2p from 5p.