The Nottingham-based firm highlighted the increasingly challenging professional indemnity insurance market after it revealed pre-tax profits had more than trebled to £3.1m.

Executive chairman Simon Bingham said that premiums were rising because of nervousness amongst insurers about their ability to quantify and price risk in construction.

He said: “Our core markets remain reasonably stable although insurances, most notably PI and credit are under severe pressure.”

“Nevertheless we are looking forward and our teams are optimistic.”

He said that despite Brexit uncertainty the trading outlook for Caunton in 2019/2020 looked better than last year.

Revenue in the year to January 2019 rose nearly a quarter to top £60m with operating margin rising to 5.1% from 4.6% previously.

“We are delighted with this strong set of results – a fitting way to mark our 50th anniversary in business,” said Bingham.

“The year also saw us construct and move into a new HQ building which will improve our working processes even further and completes two years of upgrading all our offices and welfare facilities.”

New offices in Nottingham