News

Parkwood profits ahead of expectations

12 January 2007 09:36:00

Public sector outsourcing firm Parkwood Holdings said profits for the year end are anticipated to be ahead of market expectations as turnover jumped 20%.

The group said turnover is to rise to £95m in 2006 while cash balances are at £3.5m.

Its core local authority businesses Glendale and its leisure management arm Packwood Leisure have both performed strongly, it said.

Glendale saw margins increase further and prior year losses in the nursery business Coblands were eliminated but continued difficulties in Parkwood Healthcare has again resulted in losses.

"The group has continued to invest in its PFI/PPP projects under construction during the year through equity and subordinated debt and at the year end these investments totalled £2.7m," it said.

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