The strength of the main contracting arm supported by JRL Group’s in-house delivery model helped to maintain cost certainly in a volatile market.

This helped to offset a more disappointing performance at the McMullen Facades operation which suffered a £22m loss last year.

Overall JRL group revenue for the year jumped 25% to £761m with pre-tax profit halved at £13m.

As a result group margin dropped from 4.4% to 1.8%.

The main contracting business Midgard delivered £536m of total group revenue, generating a £25m pre-tax profit, 75% up on the previous year.

Midgard is now expanding outside of high rise residential and hotel projects to take on commercial projects securing its second major job last year.

Chairman John Reddington said: “Midgard continues to leverage the combined offering of JRL Group delivering increasingly complex and prestigious projects.

“In an increasingly uncertain environment, Midgard continues to demonstrate that self delivery de-srisks the programme and provides cost certainty.

“With a strong orderbook and the support of the wider group the directors look forward with confidence.”

But poor performing contracts and inflationary pressure at McMullen Facades saw losses deepen from £6.8m in 2021 to £21.8m last year as revenenue almost doubled to £128m.

The civil engineering, concrete frame, drylining and scaffolding businesses also all slipped into the red during the challenging year.