Results for the year to September 30 2022 show pre-tax profits of £49.5m from £40.8m last time on turnover up to £849m from £791m.

Renew specialises in non-discretionary maintenance and renewals for infrastructure minimising its exposure to spending cuts as the general economy continues to wobble.

Chairman David Brown said: “Our markets enjoy committed funding which provides visible, reliable and resilient revenues via long-term programmes.

“We deliver non-discretionary maintenance and renewals tasks and have little exposure to the financial and contractual risks of larger enhancement schemes.

“Operating in complex, challenging and highly regulated environments, our markets have high barriers to entry, and we directly employ a highly skilled workforce which enables us to be extremely responsive to our clients’ needs.”

CEO Paul Scott added: “During the last three years we have operated through national lockdowns, a global pandemic, high inflation, resourcing challenges and materials shortages, despite which, we have delivered record results in each of those three years.

“This period, perhaps more than any other, has highlighted the resilient nature of our differentiated, high-quality, low-risk business model.”

Renew also confirmed the acquisition of water specialist Enisca Group for £15.6m as it looks to expand in the sector.

Scott said: “This acquisition broadens Renew’s exposure to the UK water market and is consistent with our stated strategic objectives.

“Enisca is a highly regarded business with a strong track record and is well known to Renew having been a joint venture partner of Browne since the start of AMP6 in 2015.

“Our existing multidisciplinary water capability, complemented by the inclusion of Enisca will significantly enhance Renew’s proposition ahead of AMP8 procurement in 2024. I am delighted to welcome the management and staff of Enisca to the Renew family.”