Pre-tax profit jumped 18% to a record £27m in the year to March 2023 on revenue ahead 3% at £420m.

But in latest published results, the Solihull headquartered civils firm warns that it will see a dip in performance in the present financial year before replenishing order books deliver a strong recovery in 2024/25.

In the 2023 accounts, managing director Paul Whelan said: “Current indicators suggest that 2024 will produce a more stable market with a gradual increase in our volumes during that period.

“2023/4 year-end for MV Kelly will show a downturn in our turnover – 10% plus reduction – and a more challenged profit line.

“We are however forecasting 2024/5 to produce stronger volumes due to our growing order book and the market returning to growth.”

The firm set up in 1995 by father and son, Vince and John Kelly, in the front room of the family home, has grown steadily and now operates from eight regional offices from London to Lancaster with a fleet of over 600 excavators.

Its big clients include the main volume house builders and Balfour Beatty.