CONSTRUCTION giant Thomas Vale, which is moving its headquarters from Worcestershire to Birmingham, has posted a rise in turnover despite "challenging" market conditions. However the firm's pre-tax losses have widened for a fourth consecutive financial year.

The results come ahead of a major rebrand for the business, which will relocate its head office from Stourport on Severn to central Birmingham at the start of November. Thomas Vale, which is part of the French group Bouygues, can trace its roots back 140 years when it was founded by the Victorian engineer of the same name.

Accounts for the year to the end of December 2015 revealed pre-tax losses widened to £12.5m, compared with £9.4m a year earlier. However, turnover increased to £136.8m, up from £109.6m in 2014. A statement filed with the accounts said the contractor's performance reflects "ongoing challenging market conditions. However, the company has continued to be successful in realising new opportunities and continued to secure significant levels of new orders during the year. While market conditions have been challenging in recent years, our reputation across the areas in which we work provide a solid foundation for the future."

In the same financial period, the UK arm of Bouygues suffered a pre-tax loss of £19.4m, compared with a profit of £11.5m a year earlier. Turnover rose to £349.6m from £331.2m in 2014. Craig Tatton, Bouygues UK managing director for the North and Midlands, said: "Thomas Vale’s investment in relocating to Birmingham builds on the work we have been doing with the Bouygues Group over the last two years to maximise the strengths of our combined businesses in the Midlands and the North.We have worked hard to increase our presence in these regions and this is reflected in the portfolio of high profile projects we are now undertaking in Birmingham and the West Midlands. All our staff were consulted about the move to Birmingham and 12 of them have chosen not to come with us." At the beginning of November, Thomas Vale will be rebranded as Bouygues UK.