The National Federation of Builders is back in the black after a loss-making 2002/03 and has appointed a new chairman.
A 2.5% growth in subscription income and a 4% cut in operating costs have resulted in a profit of £169,000 for the 12 months to 31 March. The previous year it posted a loss of £223,000.

At the NFB's annual meeting on Tuesday, Bob Merriman was formally appointed the body's chairman. Merriman, currently operations director at Galliford Try, takes over from Alistair McHarg on a one-year term.

Merriman said: "The pace of change in construction continues to pose a major threat to many companies operating in the sector. The NFB's role is to ensure that its members are equipped to manage and capitalise on these changes while improving the overall trading environment for employers."