The firm’s books were blown apart by a string of exceptional items including another £123m on the disastrous Birmingham City Council Highways PFI contract and a £314m write down on the waste collection and utilities businesses.

Group revenue increased to £2.32bn from £2.2bn last time and results show Amey UK made a pre-tax profit of £208,000 before exceptional items.

The highways, utilties and environmental divisions all made losses before exceptional items during the year with consulting and rail and facilties management, justice and defence posting profits.

Chief Executive Officer Andy Milner said agreeing a deal to exit the Birmingham highways contract was “hugely significant.”

He said: “Release from this difficult contract is hugely significant for the group and enables the business to capitalise on the major changes that have been made over the past three years and focus on success.”

Parent company Ferrovial put Amey up for sale late last year and has since reduced its valuation of the business to £88m.