Medium-sized West Midlands-based contractor Anglo Holt has blamed the recession for a 27% drop in turnover for the year to 30 April 2009

According to its latest accounts, turnover fell from £59.1m to £43.1m over the period, and pre-tax profit fell 17% from £876,311 to £730,000. It ended the year with net cash of £8.3m.

A company statement said: “The future will see a further reduction in turnover to pre-2008 levels, with a greater emphasis on the leisure sector due to a downturn in other markets.”

A breakdown of its overheads revealed its telephone costs had dropped from £44,599 to £42,079 while its entertaining costs rose from £64,670 to £99,037. The total pay of the highest paid director rose 53% from £686,710 to £1.05m.

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