Pre-tax profit for the year to March 2022 jumped just over a quarter to nearly £6m on revenue down by 7% to £191m.

The slide in revenue was largely the result of the completion of some large contracts and the focus on more profitable business following the purchase of Osborne Infrastructure by funds managed by Sullivan Street Partners in September 2021.

Chief executive John Dowsett said the firm was reaping the benefits of a clear focus on transport infrastructure construction and maintenance and trading as an independent company, with a solid long-term growth strategy and greater access to funding for business development.

Cash held at year-end increased to £8.3m from £5.8m largely due to improved profit for the year.

During the year overall average staff numbers rose 11% to 422.

Dowsett said Octavius had set a course to improve inclusivity and diversity in the business, with a plan to raise the proportion of female staff from 16% this year to 20% by March 2022/2023.