But rising cost pressures continued to take their toll with pre-tax profit steady at £14.8m but 20% below 2022s peak.

A better year of work winning saw Graham build a record order book of more than £2bn in the year to March 2024 , including being named preferred bidder at Lords Cricket ground to redevelop the Tavern and Allen Stands.

Graham also recently secured planning consent for a transformative regeneration project at Meadowbank in Edinburgh that will see over 700 homes built across a five-hectare site that will create one of the city’s “greenest neighbourhoods”.

Andrew Bill, Graham group chief executive, said: “The market has been challenging but our consistent focus on quality delivery and commitment to securing repeat business through the development of collaborative client relationships have allowed us to grow sustainably over the past year.

“Across the wider industry, higher borrowing costs and the evolving regulatory and legislative environments have led to a slow down in planned start dates for major construction projects while impacting upon contractor profitability.

“To offset many of these challenges, the group has focussed on a sustainable growth model built on the platform of strategic supply chain management and selective work winning.”