The building arm was supported by developer Peveril Securities which made a strong contribution to group profits in the year to August 2023.

Revenue over the year rose 8% to £1.24bn but inflationary pressure and market challenges saw trading profit almost halve to just £24m from £47m in the previous year.

Nearly £14m interest from Bowmer & Kirkland’s cash balance of £592m and returns from joint ventures supported pre-tax profits which were 15% down at £53m.

Despite the challenges Bowmer & Kirkland took the opportunity to expand its offer vertically in March with the purchase of heating and ventilation specialist Adcock Refrigeration and Airconditioning.

The £50m Cambridge-based business employs around 230 staff out of a dozen branches across the Midlands, East Anglia and London.

Chairman Jack Kirkland said: “Our construction companies performed well albeit returns were impacted by inflation, a small number of difficult projects, and some subcontractor insolvencies.

“As a family business we are committed to building long-term relationships with clients as well as our subcontractor partners who are vital in delivering our projects.

“This year property developments through Peveril Securities and our work with joint venture partners made a significant contribution to our returns as some long-term projects came to fruition.”

Over the year net assets grew to £592m (2022: £574m) as B&K added investment properties.