The firm saw revenue slump 42% to £72m as the start of multiple tall residential schemes was held up by planning gridlock and regulatory red tape.

Despite the downturn, Getjar still delivered a pre-tax profit of £1.74m, only slightly down on last year’s £1.98m. Margins improved to 2.43% from 1.6%.

The Borehamwood contractor – part of the Masterson Holdings group – said performance remained solid in tough conditions, with careful project selection and cost control helping to protect returns. The firm continues to operate debt-free, with net assets climbing to £18.3m.

Chairman Michael Masterson said that delays under the Building Safety Act had created significant uncertainty across the high-rise residential sector, with approval bottlenecks stalling several projects at the point of mobilisation.

Despite the headwinds, he said Getjar had grown its forward order book and continued to see strong bidding activity.

Masterson said Getjar was entering its 45th year of trading in a strong position, with a liquid balance sheet and long-standing customer relationships.

Looking ahead, the company plans to grow its cut and carve division and expand precast operations, while continuing to deliver complex concrete packages across residential, healthcare, education, leisure and commercial sectors.

The wider Masterson Holdings group – which includes Getjar, carpentry fitout specialist Atlantic Contracts and Glencoe Plant – posted a pre-tax profit of £3m on turnover down a third at £101m. Group profit margins rose to 3% despite the overall drop in revenue, as management focused on quality delivery and margin control across its core businesses.

Group headcount fell back over the year from around 240 to 200 staff.