Growing Connaught moves to FTSE as orders hit £500m

Social housing and maintenance specialist Connaught is moving to the FTSE after eight years on AIM as it announces a new finance director and two new contract wins.

Connaught plans to move to the official list after the publication of its annual results on 31 August. The group has grown rapidly since it listed on AIM in 1998 with turnover increase from £55m in 1999 to £240m in 2005.

Connaught’s focus on social housing means it has benefited from the increased investment in public sector housing and is well positioned for the continuing growth in this area.

Connaught also announced that it has appointed Stephen Hill as its new finance director. Hill joins from Serco where he was European finance director since 2002. Prior to Serco he was European finance director at Black & Decker. Current finance director David Wells remains at Connaught as deputy finance director and company secretary.

Meanwhile, the housing support services group has won two new contracts worth at least £45m taking its total orders for the year to over £500m. They include a £25m planned maintenance project with arms length management organisation (ALMO) Ashfield Homes and a £20m five year decent homes project with ALMO Ealing Homes.