The demolition-to-concrete specialist saw profit fall to £5.8m from £10.7m previously in the year to October 2020, from revenue ahead nearly a third at £154m.

The improvement in sales saw headcount rise to 273 staff. During the year the firm received £307,000 in Government grants to support staff on furlough.

The main reinforced concrete business AJ Morrisroe contributed £4.9m to group profit from revenue up 35% to £108m.

Brian Morrisroe, chief executive, said: “The group has a strong balance sheet which enables it to continue to invest.

“In the period the group committed to further capital investments in both GSS Piling and Kingscote Haulage.

“Other strategic investments, including acquisitions to expand the group offering are also being considered.”

Morrisroe Group started the new financial year with a £276m pipeline of work. It forecasts record sales this year of over £200m.

Cash at year-end was down £8m at £53m.