The turnaround came just eight months after chief executive Neil Martin took the reins, with the booked profit arising from a slender £2.6m trading profit and £6.9m in R&D tax credits.

In a year marked by a shift to a national, sector-focused model, the private contractor also tightened its grip on cash, lifting its year-end balance by £43m to £144m, while staying debt-free.

Martin said: “In response to the turbulence of recent years, in 2023 we implemented our strategy of Focus and Adapt. We are now starting to see the benefits of this work, as reflected in our stable performance in 2023/24.”

Turnover climbed 7% to £940m as McAlpine ran leaner, cutting headcount by 12% to 1,838 staff.

Martin said momentum was expected to continue this year, backed by a strong first-half pipeline.

The order book stands at £1.3bn, with another £1.2bn in preferred bidder wins. So far this year, £813m has been secured or delivered, with a further £129m nearly over the line.

Recent wins include the Agratas gigafactory in Somerset, Tata Steel’s new electric arc furnace at Port Talbot, a 90-bed mental health facility at Tolworth Hospital, and the NESST innovation hub in Newcastle.