Scottish based Malcolm Group has reported a £4.9m rise in profits and announced a new £50m, five year refinancing deal.

The construction and logistics company has revealed pre-tax profits of £4.9m in the year to January 31 and an increase in turnover of 11.7%, from £170.4m to £190.3m.

The company has also signed a £50m, five-year refinancing deal which includes a £23m funding package from Barclays.

Chief Executive Andrew Malcolm said the remainder was generated from HSBC and Santander contracts.

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He cited a rise in activity in logistics, construction services and waste management divisions.

The news comes as the latest Construction Trade Survey reveals a slump in all sectors of UK construction.

Andrew Malcolm described a rise trading profit from £5.6m to £5.9m in the year to January 31 as "a very creditable performance given the general economic backdrop facing the group".

He said trading conditions were "challenging" but business was "steady".

But Mr Malcolm added: "I think there will be equally as many challenges lying ahead," when asked about the economic outlook. He said it could be down to nervousness among customers.

"I do think there will be opportunity there as well," he said

Malcolm Group's net debt fell from £20.5m to £19m in the year to January 31.

(IT)