Ocon boasts 500% profit rise

Opal Property Group's fledgling contract subsidiary Ocon has reported continued growth with profits up by more than 500% according to its third set of annual results.

The figures show profits rose from £306,000 to £1.6m at the Manchester-based firm during the year to 30 September 2007.

The rise in profits came despite a dip in turnover from £98.1m to £95.6m as Ocon consolidated operations following a period of rapid growth after it was formed in 2004 to deliver a student accommodation project in Liverpool.

Staff numbers were up from 121 in 2006 to 150 last year, with average wages of £38,526.

Opal provides around 50% of Ocon's workload.