Results for calendar 2001 showed pre-tax profits, before goodwill amortisation and set-up costs, up 30% to £6.2m, on turnover up 25% to £48.9m. Net cash surged from £4.7m to £8.1m, even though the firm opened two offices in Glasgow and London. EPS was up 31% to 27.6p allowing the company to pay a dividend of 4.95p (4.5p). But Neil Baldwin, of house broker Brewin Dolphin, said last year was an 'exceptional one' in telecoms contracting, with a number of high-value margin deals reaping strong revenues and profits. Activity has since slowed considerably. Atkinson explained: 'I think we are being cautious about telecoms in case we don't get some contracts that we are going for'. He added that the group hoped a recovery in infrastructure investment by fixed and mobile network operators would drive growth in 2002 and 2003. The shares fell 9% in reaction to the figures. Brewin analyst Graeme Summers expects the figures to be followed by a pre-tax profit of around £5m. He previously predicted £7m. Hold.