The latest published accounts show staff numbers fell by a quarter last year to around 1,000.

The job cuts were forced by the contractor’s decision not to bid work at uneconomic margins, which also saw turnover fall by nearly a third  to £199m.

But this week the builder revealed it had picked up a £10.2m contract to build a dementia intensive care unit for Norfolk & Waveney Mental Health Foundation Trust.

Chairman Robert Carter said the results represented an “all-round satisfactory year” despite “extremely challenging” trading conditions.

“Although at the current time there are the first signs of a fragile economic recovery, I would not expect our industry to see a marked improvement for some time.

“As a group we have had to make the necessary, but painful, steps to adjust to the current situation and we will be ready to respond to an increase in construction activity when it does eventually materialise.”

The firm achieved a £79.6m reduction in net operating costs to £194.3m, mainly as a result of lower materials and production costs associated with the drop in work.