Pre-tax profit slipped slightly from £1.9m to £1.7m but overall operating margin improved on last year.

Charlie Spencer, founder and chairman, said: “The considerable economic uncertainty during the year depressed capital investment in the UK economy, stalling the progress of a number of schemes as clients carefully considered the impact of escalating raw commodity prices.

“Despite these challenges, we continued to deliver projects to an exceptionally high standard and secure a healthy pipeline of new work, much of it repeat business with our existing clients.”

C Spencer, which operates in the rail, bridges, industrial, infrastructure and energy markets, entered the current financial year with secured work totalling £62m and a strong pipeline of opportunities.

During the 2022-23 business year, C Spencer delivered maintenance and repair projects on some of the UK’s most iconic bridges, including renovation of Union Chain Bridge on the English/Scottish border and the Grade I listed Menai Suspension Bridge in North Wales.

The firm is currently building the £26.5m White Rose Rail Station in Leeds.