The firm suffered a £20m pre-tax loss for 2022, improved from a deficit of £38m the year before but bringing total losses since 2019 to nearly £75m.

Based in Abergavenny, Griffiths is a leading civil engineering and rail contractor working throughout Wales, the Midlands and south west England.

It operates under the control of Tarmac, which itself is owned by CRH.

Griffiths is a key member of the parent group’s civils contracting operations which include Farrans and J B Riney.

During the year, three Griffiths board directors exited.

To lead a recovery plan former Farrans director David Parr joined as new managing director last November.

Parr joined Griffiths after 23 years at its CRH stablemate Farrans Construction, first as a project manager, before taking the role of contracts manager.

Over last year turnover rose by around 8% to £301m.

Provisions totalled £18.3m, to cover around £800,000 of legal costs and contracts that became onerous due to contractual challenges with increased inflation and design revisions.

The average number of employees at the business remained steady at 908 staff.