Reported pre-tax profit for the year to September 2024 edged up to £1m from £0.9m previously and a £2.3m loss in 2022.

Just over a third of pre-tax profit generated by the Leeds-based builder came from interest on stronger cash balances over the year which jumped from around £10m to £19m.

Latest company accounts reveal the operating profit of £678,000 was depressed by final settlement of a long-standing project.

GMI group MD Gareth Jones said: “This closure allows GMI to focus on the forward strategy in line with GMI’s key principles of ‘Price it Right’, ‘Contract it Right’ and ‘Deliver on Time’ and continue the business performance improvement after recovering from the impacts of inflation and economic uncertainty seen throughout the construction industry over the last few years.”

A strategy of ‘controlled consolidation’ saw turnover plunge to £232m from £329m previously.

Staff levels also slipped back by around 11% to an average headcount of 247.

Jones said: “The group is targeting stable and controlled growth for the future financial years, applying the rigour and stress tests developed over recent years to carefully consider risks on projects.

“Significant improvements in systems and information now allow data-driven assessments, the group utilise these in conjunction with prudent business practices and a risk-averse strategy enables sound commercial decision-making.”

He said GMI was focused on negotiated project opportunities through its long-standing relationships, and was proactively building more relationships and developing framework opportunities to generate repeat business from a wide client base.