Turnover was stable at £1.15bn, while trading profit fell by just over 22% to £47m as overall group margin slid from 5% to 4% in the tighter market.

But the overall group pre-tax profit remained stable at £63m, down just 3% on the previous strong performance in 2021.

This was helped by its development arm Peveril Securities which completed several schemes.

As B&K enters its 100th year this year, chairman Jack Kirkland reported cash up to £514m creating a platform for continued growth.

He said: “Our cash position enables us to act quickly, and we continue to seek out equity funding opportunities.

Kirkland added: “Our construction companies again performed well in all sectors and in all regions.

“In a challenging market, property developments through our Peveril Securities arm and our work with joint venture partners again made a key contribution to our returns, with some long-term projects coming to fruition in the year. ”

Over the year average headcount rose nearly 5% to 1,625 staff.