The Welwyn Garden City firm ranks as one of the top 10 concrete frame contractors in the UK operating in the south of England and the Midlands and transferred ownership to an employee ownership trust just over two years ago.

But material and labour cost inflation dented profit performance over the year, which fell to £1.1m from £2.6m in 2022 on revenue up 15% to £104m.

In the latest accounts managing director John Diviney said: “The broader economy and the construction industry continued to face challenges from the ongoing impact of macro-economic factors throughout the financial year.

“More recently these include the impact of inflationary pressures on key commodities increasing the cost of delivering projects leading to reduced profit levels.

“Given the uncertainties existing in the wider economy the directors are undertaking regular reviews of
the pipeline and business forecasts to ensure that timely responses can be made to any identified risks.

“The company has taken a cautious approach to the tender process ensuring that risks are clearly identified and assessing profitability on schemes before submission of final tenders.”

In London, GCL has recently secured jobs for Berkeley Group at Fulham Reach and Wates at Cecil Avenue in Wembley.

The growth saw the average headcount over the year rise to 63 staff.

Cash at bank remained stable at £8.4m.