The contractor swung to an operating profit of £7.2m in 2025 from a £38m loss the previous year as pre-tax profit recovered to £3.9m from a £44m loss.

Turnover fell by nearly a third to £140m as the business deliberately shrank to rebuild margins and focus on lower-risk work.

The turnaround follows the May 2025 acquisition of the company from CRH by Grosmont Ventures, controlled by the Abergavenny-based firm’s founder Alun Griffiths.

The deal saw the business receive £216m of financial support through debt waivers and non-repayable support arrangements, flipping the balance sheet from net liabilities of £218m to net assets of £2.3m.

In the strategic report, directors said they had adopted “a revised strategic approach aimed at improving the company’s overall financial performance”.

The strategy involved a deliberate shift towards tendering for contracts of lower individual value than those historically pursued because these jobs more closely aligned with the company’s core competencies and operational capabilities.

The company said the change in approach had reduced turnover but was expected to deliver stronger margins and improved profitability over the medium term. Directors added that the stronger balance sheet now provided a more stable platform for the firm’s future operations and strategic development.

The restructuring also saw headcount reduced from 731 to 570 as the contractor right-sized the business around its new strategy.

Griffiths originally sold his civil engineering business for a reported £36m to CRH-owned Tarmac eight years ago.