St Albans-based Glencar reported a 4% slip in revenue to £400m ending several years of rapid expansion.

The short growth pause allowed Glencar to make progress on improving profitability delivering a £3.4m pre-tax profit after last year’s cost inflation hit return of just £800,000.

Chief executive Eddie McGillycuddy said: “In the past 12 months, our focus has been on consolidation and building a strong platform for the future.

“This has included substantial investments into our people, working environments, ESG, operational processes, and the operating platform. 

“Our commitment to doing the right kind of work has resulted in better delivery and improved profit margins.”

Glencar enjoyed higher levels of repeat business, which now account for 65% of turnover, compared to 40% in the prior year.

Staff numbers rose over the year by around a quarter to 270, while average contract value rose to nearly £17m (2022: £13m).

Looking ahead McGillycuddy, added: “We have already secured a robust £350m order book for 2024, boasting strong project margins and well-established delivery teams.

“Following a year of consolidation, we are targeting 10-20% revenue growth in the next financial year.

“This ambitious goal is underpinned by our strategy of cultivating repeat business with our customer community while actively exploring strategic opportunities with new clients and in emerging markets.”