The firm, which has been built up to a £400m-plus revenue business by founder Neil Armstrong through several major acquisitions in recent years, said the losses stemmed from £10.6m of costs from legacy contracts and restructuring.

It also booked non-cash losses of £18.8 from the amortisation of goodwill and £9m on interest and loan payments.

United Living Holdings, which now employs around 1,450 staff, ended the year to March 2022 with £41m cash after revenue rose by over a fifth to £437m.

But external bank debt rose to £70m from £54m in the prior year following the acquisition of telecom contractor Great British Communications in November 2021.

The main housing maintenance contractor United Living Group, which merged with Fastflow in 2019, saw operating losses mount to £11m from £4.2m in 2021 as turnover edged up to £265m.

Ole Pugholm, group finance director, said: “The group has responded well to the challenges brought about by Covid-19, Brexit, and the general material and labour supply shortages witnessed during the financial year to March 2022.

“The directors of the group are cautiously optimistic about the group’s ability to deliver sustainable growth in coming years.

“The markets that the group operates in have strong long-term visibility and will grow as a result of strong tailwinds from an increased focus from regulators and the public on sustainability and continued efforts towards decarbonisation.”

He added: “The group’s strategy is focussed on pursuing the right opportunities for both organic and acquisitive growth.”