But cost inflation and a challenging trading environment saw pre-tax profit slip to £3.5m from £4.4m the previous year.

Finance director Fraser Johns said the Beard’s performance was in line with budget, demonstrating the firm’s ability to navigate the challenging economic environment.

Projects begun last year included construction of Aztec 1000, the South West’s first net zero carbon in operation office development; a community tennis centre clubhouse at Raynes Park for the All England Lawn Tennis Club and two children’s homes and a family contact centre for Surrey County Council.

In Oxford, Beard delivered new boarding houses and a pavilion dining room for Abingdon School and restored a two-storey library of Exeter College in Oxford.

Environmental performance continued to be a focus for the business with a target of 25% reduction in carbon emissions.

Beard implemented several initiatives to reduce emissions, and to date has achieved a 5% reduction (per £1m turnover) compared with its baseline of pre-pandemic levels in 2019.