North Midland Construction's profit has been chopped in half by a 拢1.59m provision made for its fine in connection with the Office of Fair Trading's investigation into bid-rigging last year.
Otherwise the firm would have posted a 9.5% increase in profit for the year ending 31 December 2009, despite a fall in turnover.
North Midland Construction reported pre-tax profit, discounting the OFT fine, of 拢3.15m, up from 拢2.88m in 2008.
But turnover plunged to 拢144.2m from 拢202.2m the previous year.
North Midland has lodged an appeal against the OFT fine and a hearing date of 9 July 2010 has been set.
The firm has a positive cash balance of 拢6.2m, compared to a 拢9.7m deficit a year ago.
Chairman Robert Moyle said: 鈥淚t is very pleasing to report a result, in spite of the extremely difficult economic conditions currently prevailing, before exceptional items, both in excess of the forecast and that of the previous year.鈥�
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