Renew’s markets are not at the mercy of fluctuating capital spending budgets with the company focused on non-discretionary maintenance work in the rail, energy, water and telecoms markets.

Turnover for the year rose to £600.6m from £541.5m last time as pre-tax profits jumped to £27m from £14.7m.

Chief Executive Paul Scott said: “As a specialist engineering services provider, we focus on directly delivering non-discretionary maintenance and renewals tasks, which means that our average task size is comparatively small and that the Group is not exposed to the financial and contractual risks facing those businesses that deliver large enhancement schemes.

“This results in a fundamentally lower risk profile, as demonstrated by our stable track record of revenue growth, profitability and cash generation.

“Working in complex and challenging environments, our highly skilled, directly employed workforce ensures our delivery is safe and responsive, as well as reducing our exposure to supply chain price volatility.

“We operate in the Infrastructure, Energy and Environmental markets which benefit from committed funding on non discretionary long-term maintenance and renewal programmes.

“These sectors have significant barriers to entry because they are highly regulated, making them resilient and providing reliable, long-term earnings opportunities.

“Technological developments, demographic changes, historic underinvestment, climate change and legislative changes will necessitate increased infrastructure investment over a long period of time.

“These changing dynamics continue to require our clients to commit to clear spending plans which are delivered through long-term programmes of investment and, as such, we are unlikely to be affected by the UK’s potential withdrawal from the European Union and the current political uncertainty.”