Revenue for the year to March 31 2022 fell to £90m from £104m last time as pre-tax profits nudged-up from £1m to £1.25m.

Stepnell said its turnover was “slightly down on what was budgeted due to delayed works on some key projects due to the pandemic.”

It added: “The dip was also as a result of the firm’s continued robust governance, turning away projects that didn’t meet its criteria.”

Predicted turnover for the current financial year is more than £100m as managing director Tom Wakeford remains “cautiously optimistic”.

He said “We welcome these results after a challenging year for the construction industry. The market remains mixed with a number of our competitors struggling with a shortage of skills – and rising prices of materials.

“We remain cautiously optimistic that our business model, with a focus on lower risk terms and conditions, will hold us in good stead. Stepnell has a more diversified range of projects than ever before and this will position us to withstand market risks.”

The 155-year-old family-owned firm operates across central and southern England and saw a successful company reorganisation earlier year as the Stepnell Group remains a successful construction business alongside its property and development portfolio.