A management shake up that caused a hiatus in work hit first half construction profits at Peterhouse Group during the six months to 30 June.
Construction profits fell from £2.8M to £369,000 but group pretax profits increased from £6.3M to £7M on turnover down from £177.7M to £175.7M. Group performance was boosted by strong performances in telecoms.
Carillion last week said it was committed to growing its public private partnership business after other contractors criticised the slow pace of deals and the cost of bidding.
The contractor increased pretax profits to £16.1M for the six months to 30 June compared to £8.2M for the same period last year. Turnover fell from £970.2M to £892.2M after more selective bidding.
Profits were boosted by the acquisition of rail maintenance company GTRM.
Interserve's construction division increased its first half operating profits to £7.8M from £3.9M in the six months to 30 June as the benefits of selective bidding began to feed through. Group pretax profits increased from £15M to £22.6M. Turnover was down from £636.5M to £557.2M.