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Tue August 20 2019

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Midas maintains financial health

2 Aug Privately-owned construction group Midas managed to squeeze a small amount of profit growth last year despite a slight dip in turnover.

Midas Group chief executive Alan Hope
Midas Group chief executive Alan Hope

Midas Group’s results for the year to 30th April 2019 showing a nearly 9% growth in pre-tax profit to £750,000 (2018: £690,000) on revenue down approximately 3% at £259m (2018: £267.4m).

Despite the challenges faces the construction industry, Midas continues to operate with no debt and ended the year a cash reserve of £22.7m.

Chief executive Alan Hope said: “We’re pleased to be able to report a year in which we consolidated the significant growth recorded in 2018 – especially so given the continued disruption seen in the sector.

“We continue to focus on our vision of delivering industry leading customer service and performance which is at the heart of how we do business and will ensure we are well placed for the future.”

Since a management buy-in in 1998, Midas has been owned by chairman Steve Hindley and finance director Mike Hocking, who are both now in their 70s.

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