BOSSES at Oxford building firm Beard are cautiously optimistic after unveiling a healthy set of financial figures.

The business, based at Cumnor Hill, saw its pre-tax profits treble to £1.05m, while turnover rose 30 per cent to £55.8m for the year to the end of 2008.

Mark Beard, managing director of the family firm, said the first four months of this year had also been “very good” – but warned that the potential effects of the recession might hit later.

He added: “The challenge for our industry will be in 2010-11 because major organisations take a long time to stop their investment plans.

“We are also worried about the level of Government borrowing. There has been a lot of investment in areas such as education and health but it will have to clamp down.”

Beard, which employs about 85 people in Oxford with a similar number in Swindon, recently won a contract to build a £3m convent in Buckinghamshire after completing the Elmthorpe Convent in Oxford Road, Cowley.

It also carried out a £2.3m refurbishment of a warehouse and office at Axis Point, Osney Mead, Oxford, for Oxford University; and refurbished Beaver House in Oxford to create new offices for the university’s Business Services and Projects group.

It has also won a service contract with the Ministry of Defence, worth £8m a year.