Operating margins were still a healthy 11.7% – down from 13.9% last time – as the firm invested £24.2m in new kit during the year.

Housebuilding  and rail were the main growth areas as turnover for the year ticked up to £141m from £134.2m last time while pre-tax profit dropped to £13.8m from £16m.

Specialist shoring arm Groundforce suffered a fall in turnover as site starts slowed in the general construction and infrastructure markets.

Group managing director Neil Stothard said: “We approach the new financial year positively and though we expect that market conditions will remain no better than stable, we are confident that opportunities are available to all of our divisions.

“We accelerated investment in the rental fleet in the second half of the year and we expect to continue that trend in support of further opportunities going forward.

“We have emerged from the downturn in better financial shape than many in our sector.  We expect this to provide competitive advantage in securing market share, as we are able to contemplate investment where others may not.”