The top 100 ranked firm returned a pre-tax profit of £1.6m after slipping into the red the year before.

Chief executive Andrew Ball said the firm’s sales were hit by cancellation of a major construction contract, coupled with delays to proposed infrastructure projects by major customers.

Ball said measures taken during the prior year to reduce overheads had paid off in terms of improving margins.

He added that the civil engineering firms had renewed a key term maintenance contract with Welsh Water and gaining new work from Severn Trent and United Utilities.

As a result, its utilities arm ended the year with a forward order book of £268m, compared with £41m in the prior year.

He said there would not be any more growth in the sector until the next AMP cycle of contract awards.

The energy and marine division also delivers an improved order book at the year-end last September, up to £47m from £33.

Ball said: “During the year we put significant effort into reaching satisfactory revised commercial terms for the delivery of two major construction contracts in the energy division.

“Our strategy of seeking to work together in partnership with this major customer, rather than seeking a more contractual conclusion has resulted in a strengthened relationship.”