Ring Stones Maintenance and Construction LLP has reported sales of over £5 million in its first year of trading.
It has also announced the appointment of a new managing director Jon Rukin who joins from PenAlyn, the maintenance division of Pennaf Housing Group.
The organisation has delivered projects across Lancashire during its first 12 months, including a £1 million new build scheme in Bacup .
Ring Stones has achieved total sales of £5.1 million and despite significant initial investments has also recorded a profit (non-recurring EBITDA*) in its first year of £105,000.
The organisation says that its forward order book should see sales more than double in the year ahead.
Among the key projects it hopes to deliver in 2014 will be a £5m contract to deliver 60 new affordable homes at Primrose Mill, near Burnley, on behalf of Calico.
Ring Stones is also involved in the Empty Homes initiative, bringing properties that have stood empty for many years back to stock and making them available to rent.
As well as managing a £45 million planned improvement programme in Burnley and the surrounding areas on behalf of Calico, Ring Stones also intends to bid for additional contracts on the open market to create new revenue streams.
Calico established Ring Stones to help use the housing association’s capital investment to help create long-term training and job opportunities in Burnley. To date Ring Stones has offered permanent positions to 32 people.
Michael Birkett, Chair of Ring Stones, said: “For a new contractor to end its first year in profit is almost unheard of in the current economic climate which, while in recovery, continues to create a difficult landscape for growth.
“There are big ambitions for Ring Stones, both in the scale of the works programmes in the pipeline and those we intend to bid for, and in the recruitment and development of people from within the Burnley and Pennine Lancashire areas.
“By investing in our core operations and building a talented workforce we can ensure we have a strong local supply chain for the delivery of improvement works over the next 10 years.”