It is one of a handful of construction firms to win awards this year. JCB also picked up an award for innovation while consultants High Point Rendel and Hyder Consulting won Royal recognition in the international trade category.

Wates won the award for its ambitious waste reduction scheme and efforts to retrain 400 long term unemployed.

The firm has also committed to working with social enterprises and supporting several education initiative where Wates works with schools to broaden pupils’ horizons.

Paul Drechsler, chairman and chief executive of Wates, said: “Wates’ philosophy has always been ‘to leave things better than we find them’.

“This applies both to the environment and resources around us and to people: our employees, customers, stakeholders, partners and all those who live and work in the communities we help to build.

“We have set ourselves some challenging targets for the next few years. These include creating employment and training opportunities for 5,000 young people who need it most by 2015; a 34% reduction in C02 emissions and continued commitment to divert all non-hazardous waste to landfill.”

He  added: “This award also demonstrates that putting sustainability at the heart of your business model does not hinder success; as we recently announced in our annual results, Wates has experienced its sixth consecutive year of operating profit growth.”

JCB was also honoured with an award in the innovation category for its TorqueLock system.

This eliminates torque convertor slippage on JCB backhoes reducing fuel consumption and exhaust emissions by up to 25%.

The Queen’s Award is the 26th to be won by the JCB Group since the first one was granted in 1969 – a record for a UK company.