The group’s main O’Halloran & O’Brien groundworks and concrete frame business delivered a substantial turnaround in profitability in a challenging market in the year to March 2024 with pre-tax profit up just over 50%  to £13m.

Operating margin was restored to 4.4% from 3.2% previously as sales remained stable at £268m.

The firm’s BT Plant hire operation delivered steady profit and sales of $34m and £24m respectively.

The group’s small house builder Riverdale Development suffered from the slowdown in housing last year with revenue slumping from £46m in 2023 to £14m this year as units sold fell from 64 to 21. Pre-tax profit fell 74% to £1.4m.

OHOB Group chairman Tom O’Brien said: “The fundamentals of our businesses are strong and focused and our financial strength continues to enable us to invest in our people and resources.

“We live in uncertain times where profit margins remain challenging. There is reduced demand in our sectors and despite that we see continuing price increases and high interest rates and we have the added challenges of the geo-political climate, which combine to keep investment confidence low so caution remains the order of the day.

“However, as we enter our 52nd year in business we are confident that the strength of the company with its strong and liquid balance sheet.”

Cash at bank slipped to £70m after an £8m outflow over the year.