Building firm Morgan Ashurst, which has an office in Banbury, is bucking the trend in the construction industry after unveiling another set of record financial figures.

The company, part of Morgan Sindall, unveiled a pre-tax profit of £71.4m for the year ended December 31, up 15 per cent on the previous year.

Since last summer, the company which employs 62 staff at its offices at Tramway Road, has secured new contracts in the Banbury area worth £6m.

Key projects include a new build and refurbishment of sixth form living accommodation at Tudor Hall School in Banbury and a £1.2m extension and refurbishment scheme at the Oxfordshire and Buckinghamshire Mental Health Partnership NHS Trust in Aylesbury.

The office also continues to carry out a programme of maintenance and refurbishment works for Oxfordshire County Council, Oxford Diocese and Thames Valley Police.

Area director John Bennett also said a lot of work in the Banbury area was coming from companies upgrading their premises rather than moving to new facilities.

He added: “Our order book remains strong for 2009 with a large proportion of our projects coming from the public sector, repeat business and long-term framework agreements which are providing a steady stream of work in the area.

“In these challenging times we will continue to support the communities in which we work and to provide local employment and training opportunities.

“Over the next 12 months we are expecting to see a rise in maintenance and refurbishment projects as more organisations choose to adapt and maintain their existing premises and facilities and put their relocation plans on hold until the market settles.”