Profits leap at Surgo

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North-east contractor Surgo saw profits barrel up by more than half last time thanks to a number of projects beating targets.

The Newcastle upon Tyne builder posted a 56 per cent rise in profits to £563,592 on turnover up one third to £51.5 million in the year to October 2007.

In a statement accompanying the results, the firm said: "As with last year most projects have out performed expectations and timeous completions are being achieved."

The firm said a £14 million deal to build the new Bishop Auckland College had been finished 10 weeks ahead of schedule.

And the first phase of a £9 million scheme to refurbish the Fawdon factory of French pharmaceutical company Sanofi Aventis was also completed on time.

Surgo said it is 12 months into a five year plan to develop the group between now and 2011. It added that it was focusing on the education sector in particular.

The number of staff employed by Surgo fell 13 per cent to 155 although the average salary went up £7,000 to just over £34,000. The salary of the highest paid director, who is not named, went up 72 per cent to £400,000.