Chief executive Jon Fenton revealed the firm had been in talks with several businesses as Van Elle reported record turnover of £94m in maiden results as a public company.

As part of its expansion plan, Van Elle has moved into Scotland, establishing a new factory and offices in Blantyre near Glasgow at the start of the year.

This is now producing its Smartfoot precast ground beams for house builders in the country.

It also beefed up its piling rig fleet to 111 machines after investing £12m.

Fenton said: “We continue to pursue acquisition opportunities and discussions are ongoing with several interested parties.

“We have discounted certain targets due to unrealistic price expectations and lack of fit; however, there remains a positive pipeline of good opportunities.”

Over the year he said the 12% growth in revenue had been driven by Ground Engineering Products revenues from demand for Smartfoot modular beams and and internal demand for precast piles, reducing Van Elle’s reliance on the supply chain.

Sales to the house building sector were up nearly a quarter to £43m while infrastructure work was up 17% to £3om.

But sales to the commercial and industrial sectors fell 17% to £19m due to short term market uncertainty and the deferral or cancellation of several projects.

Pre-tax profits fell 13% to £9.3m dented by public flotation costs of nearly £1.5m and £340,000 of severance costs arising from the board changes following the IPO.

Fenton added: “Looking ahead, we continue to actively monitor conditions in our core markets and, whilst mindful of the risks posed by any sustained period of political or economic uncertainty, we are cautiously optimistic for further progress in the year ahead.”