The debt-free building contractor said restructuring to focus on building and fit-out work had paid-off last year with a 55% hike in pre-tax profit to £37.5m.

This helped to raise operating margin to 2.8% from 1.9% in 2017 and build up average daily net cash of £100m.

Despite a tightening market, a growing share of work placed by clients saw revenue edged forward 4% to £1.3bn.

Willmott Dixon’s group chief executive Rick Willmott said: “Our approach of the last two years to focus entirely on construction and fit-out is showing strong results with good earnings growth, increased margin, a solid cash position and a robust, sustainable forward order book.

“This at a time when the pipeline of work available to the country’s fifty largest contractors has continued to diminish post the 2016 Brexit referendum; caused by postponement or cancellation of project opportunities. 

“Being in a position of strength to weather the consequences of a further material depletion in accessible workload will remain a key priority for Willmott Dixon.”

He said Willmott Dixon’s position on public sector procurement frameworks would be a key driver for its business, opening the door to £25bn of potential workload volume.

Presently 73% of the firm’s order book is framework secured.

Willmott said the group was focused on sustaining a healthy supply chain, with average payment times of 32 days.

He added that the group aimed to better this record which made it the best paying top 20 main contractor.