The highest paid director at Bowmer & Kirkland, who was formerly the best-paid boss in construction, had his pay cut 23% from £8.6m to £6.7m last year

The director, thought to be chairman John Kirkland, hit the headlines in March last year when his salary jumped 162% from the £3.3m he was paid in 2007.

A month later he was overtaken by Kevin Taylor, chairman of Essex firm McLaren Construction, who took home £10.1m last year.

The Derbyshire-based company described its performance in the year to 31 August 2008 as “satisfactory” after turnover grew 7% from £832.9m to £894.6m. Pre-tax profit rose 18% from £36.6m to £43.2m and net assets were £176m at the year-end.

A company statement indicated that the company expected results to be flat in 2009 owing to the recession. It said: “We’re operating in an economic environment that has not been experienced for many years. However, the directors feel that the group is well placed to deliver results of a similar level in 2009.”

The company also said it was co-operating with the Office of Fair Trading’s probe into breaches of competition law. Last year Building revealed it was one of nine companies facing allegations of making “compensation payments” to losing bidders.

It said it was “extremely unlikely” any fine would approach the maximum of 10% of turnover.

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