Shepherd Construction has reported a 220% rise in profit for this year after the sale of a PFI equity investment, even though turnover fell 7%.

Profit at the York contractor rose from £1.9m to £6.1m in 2006, while turnover shrank from £367m to £340m.

A spokesperson blamed “difficult conditions in key sectors” for this fall but said profit had been buoyed by the £1.5m sale of a stake in the PFI scheme in Derbyshire.

Profit at parent company the Shepherd Group dipped slightly from £42.7m in 2006 to £42.2m. Portakabin made the biggest contribution. Pre-tax profit at commercial property division Shepherd Developments fell from £5.6m last year to £5.2m in 2007.

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