Havelock Europa, the retail and educational interiors outfitter, reported its seventh successive year of profits growth but warned of uncertainty over some of its key customers’ budgets.

Revenue from continuing operations rose 15 per cent to £137.6m, while pre-tax profits were also 15 per cent higher at £7.7m.

Havelock said its educational interiors division increased its revenue by 20 per cent, benefiting from the first Building Schools for the Future programmes coming on stream in England, while maintaining a leading position in the Scottish schools market.

The group’s retail interiors division increased its revenue by 12 per cent to £60.4m and completed four new stores for House of Fraser.

Hew Balfour, chief executive, said that in spite of the tough retail environment, the group was benefiting from its long-term relationship with companies such as Boots, Primark and Marks and Spencer.

Havelock’s point-of-sale division, Showcard Print, increased revenue by 10 per cent to £25.1m and gained its largest order yet in December by winning the contract to supply the closing-down sale notices for Woolworths.

Malcolm Gourlay, chairman, said: “At this stage, in the absence of fully confirmed programmes from a number of substantial retail customers, it is possible that activity levels in 2009 will be weaker than seemed likely at the start of the year.”

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