But “turbulent trading conditions” and legacy fixed price contracts hit the bottom line as margins and pre-tax profits tumbled.

Latest results for year to December 31 2023 show pre-tax profits down to £6.4m from £15.3m last time as turnover surged to £424 from £336m.

Adam Quinn, CEO, HG Construction, said: “We are pleased to have achieved our growth targets over what was an extremely challenging year with record price inflation.

“This impacted our profitability across fixed price contracts in particular, however we continued to invest in our internal delivery capabilities and this offered us some level of protection against escalating costs.

“HG Construction has undergone a period of significant growth in recent years, and we have invested in plant, procedures and staff in line with our expansion. Going forward our focus will be on revenue stabilisation and internal strengthening, ensuring that our structure, procedures and processes enable us to maintain the high standards we are committed to.

“We are proud of our teams for their hard work and dedication, keeping safety, quality and delivery at the forefront of our offering and ensuring a consistently high level of service for our valued client base. 2024 is proving to be a year of more certainty and stability and we are pleased to have secured a strong pipeline of work in our core sectors.

“Our focus will remain on supporting our teams to deliver exceptional standards and maximising our social value contributions across our sites. We are excited to be working on outstanding schemes across the UK and feel very positive about the next phase in our company’s evolution.”

Staff numbers during the year increased to 193 from 175.