Almost one in five private finance initiative projects are still not making their owners money, a survey of almost 100 of them has shown.

Profitability has improved since 2005, when the study was last conducted. Eighty-three per cent of contracts are profitable, with a quarter reporting "better than ex-pected" profits. But the survey found almost 20 per cent still did not make money, with almost 40 per cent saying they were making less money than expected.