Latest accounts filed at Companies House show the contractor made a pre-tax profit of £4.6m for the year to September 30 2016 compared to a £5.9m loss last time.

Annual turnover was also up to £303m from £218m – a jump of 39%.

The rise was mainly down to the award of two major residential contracts in the second half of the year.

Gross margins also recovered to 5.9% from an “unsustainable” 3.6% in 2015.

Problem contracts caused the losses in 2015 and also put a strain on Ardmore’s cash flow and payment terms to trade contractors.

Cash holdings increased to £49.9m from £11.6m and the firm’s scores with leading credit agencies have markedly improved.

The accounts stated: “The Group has successfully worked its way through a difficult 2015 to record near record turnover and a return to profit in 2016.”

The company is also confident about prospects for this year and 2018.

The total number of employees rose to 310 from 305 with an average salary of £55,125.