A HOUSEBUILDING mini-boom in a Rossendale village has put new bounce into the fortunes of a West Midlands spring manufacturing company.
Engineers Turnpyke Group PLC, saw profits soar 70 per cent to £407,000 in the year to December, with the company's building site in Weir accounting for the lion's share of the upturn.
Operating profits in the property division, based solely on the village site, rose from last year's £21,000 to £434,000.
The figure included a surplus of £342,000 on revaluation of the site, bringing it more into line with the estimated market value of over £700,000.
Last year the company sold five more homes, together with four development plots.
And three more houses have been sold this year. "It all reflects the fact that the housing market in East Lancashire is booming," said a company spokesman today.
The company bought the land to diversify its interests some years ago, with a £1 million valuation.
Recession saw the valuation heavily written down in 1992 as the property market slumped.
Now the investment is paying off - coming in strong in a year which has seen the engineering division profits fall heavily, affected by the strength of sterling and integration costs following two acquisitions.
But despite the recent success of the Weir site, the group says it is considering selling it off.
"We wish to concentrate on our main engineering activities," said the spokesman.
Annual results show turnover 40 per cent up at £7.8 million and earnings per share rising more than 65 per cent at 1.71p.
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