Business Initiative of the Year

Winner: RMJM

Honourable mention: Pascall + Watson

Sponsored by BST Global

RMJM recovered from a loss in 2005 to a before-tax profit of just over £4 million in the year to April 2007. In that year, margins increased from 8.2 per cent to 9.7 per cent.

RMJM's acquisition of US firm Hillier in June 2007 makes it a truly global company.

The judges said: 'RMJM has moved forward from a difficult situation with enormous confidence and impressive strategy.'

An honourable mention went to Pascall + Watson, which developed new specialisms and other markets around the world.