A company which provides outsourced personnel and equipment to fire and rescue services has seen its operating profit jump by almost tenfold.

Preliminary results for AssetCo show pre-tax operating profit at £12.1m compared to £1.3m last year. Revenues rose to £45.2m, according to the Financial Times, compared to £34.1m previously.

AssetCo chief executive, John Shannon, said that the past year had been “transformational” for the company by increasing profits and earnings per share and winning a number of significant contracts. In a reference to the deep cuts expected in fire and rescue service budgets, he added:

“Looking forward, our established track record in the UK allows us to continue to offer alternative models to deliver significant efficiency savings to those local authorities tasked with meeting the Chancellor’s budget targets, whilst internationally we have identified several further opportunities for growth.”

In July 2009, the company secured a 7-year deal – believed to be the first of its kind in the UK – to provide a firefighter reserve capability to London Fire and Emergency Planning Authority to replace firefighters and equipment previously provided by the Ministry of Defence.