Pre-tax profit dipped slightly to £10.6m in the year to April 2022 from £11m previously driven by challenges on one particular contract.

The family-run firm also completed a £43m two-year renewal programme for plant and equipment, while still achieving an operating cash inflow of over £6m and cash at bank up to £28m.

Chairman Kevin Clancy said a pipeline of capital programmes alongside Clancy’s longstanding frameworks in water and energy, including for Anglian Water, Scottish Water and Northern Powergrid, saw the order book maintained at £1bn.

He said: “The water and energy sectors are under significant pressure to improve resilience, protect the environment and meet net zero while also managing costs for customers.

“Since April we have continued to deliver strong results for clients but we are not complacent about the months ahead.

“We anticipate further pressures in the coming year as we face the prospect of a wider economic downturn.

“The fact that the vast majority of our work is in essential infrastructure services gives us confidence despite the prospect of recession.

“Likewise we believe that our ability and appetite to invest in new tools and processes – as we have through the last twelve months – will enable further efficiency gains and allow us to deliver an affordable service for
our customers.

“As an entrepreneurial and family-led business we have always been quick to adapt to changing market conditions – strengthening our core business while also exploring new opportunities.”