Chairman Robert Carter said a selective approach to the clients the firm worked with had helped to raise profitability with pre-tax profit jumping to £6.3m from £1m previously

He said:  “Our core activity of construction is trading well. Turnover in 2024 is forecasted to be in line with that achieved in 2023. This reflects our continued selective approach to the clients we work with and the projects we undertake.

“Our manufacturing division continues to perform well. Bullen Developments has traded very successfully and there are several new opportunities.”

Overall the Norwich-based group’s pre-tax profit nearly doubled to £13m on revenue also down almost a quarter to £248m.

Its Drayton Building Services arm reported steady trading with revenue stable at £37m generating a £1m profit compared to £500,000 in the previous year.

Development arm Bullen contributed around £3m to profits down from £5m previously.

Headcount across the group dipped by around 4% to 778 on the fall in turnover, while cash at bank remained steady at £72m.