In a trading update the firm said: “Many of our clients demand performance bonds to be in place as part of the contract requirements.

“Due to the strength of its balance sheet TClarke has at its disposal £65m of bonding capacity; one of the largest bonding capacities when compared to our recognised peer group.”

TClarke is expecting revenue this year to be a record £410m before hitting £500m in 2023 at an operating margin of 2.8%.

The current secured order book stands at £545m with £384m already secured for 2023 “spread across a diverse range of clients in different sectors.”

The update added: “Beyond what has already been secured, the Group continues to enjoy many opportunities across all its core market sectors.

“We are currently tendering in excess of £1bn of opportunities and are expecting decisions on approximately £500m of tendered projects by early 2023.”

Mark Lawrence, Chief Executive, said: “The Group is trading well, and I am proud of the performance we are delivering. 

“As we approach the end of the year, I expect to be reporting that 2022 will have been a great year for TClarke.

“Our teams across the country are doing a fantastic job in continuing to win and deliver record volumes of high quality work, in spite of the challenging economic environment. We remain on track to deliver our strategic target of £500m revenue in 2023.“