The firm is still trying to offload its loss-making utilities and waste businesses after progress to find buyers was delayed by the pandemic.

In latest published results, these were booked as discontinued operations, recording a loss of £97m.

The trading hit from these businesses and £159m of associated impairments, saw Amey report after tax losses of £217m.

But the picture for the ongoing core business was now better after it delivered healthy growth in revenue.

In this remaining core business, Amey raised turnover 21% to £1.9bn helped by a full-year contribution from the acquisition of the Carillion Amey Defence business back in 2018.

New chief executive Amada Fisher said the picture for the core business was now more healthy.

Operating profit for remaining activities recovered to £73m (2018: £178 loss) equating to a 3.4% margin.

Fisher said: “In parallel with our business divestment plans we have also launched a transformation process to rebuild the organisation.

The business is now organised under three main business divisions.

• Transport Infrastructure (Rail, Highways and Waste Collections)
• Secure Infrastructure (FM, Defence, Justice)
• Consulting Services

She added: “We will embed a culture of empowerment, engagement, efficiency and customer focus and by the close of this year, the group will be restructured with a reduced cost base and simplified portfolio.

“We have a new strategic focus and a management team dedicated to deliver “Our Freedom to Perform’ strategy.

“We have a strong order book, operating in sold markets and while we expect markets to remain tough in 2020, we have seen an improving trajectory.”