Despite a challenging market, the firm managed to more than double operating margins last year on steady revenue at £125m.

According to latest account for the year to March 2024, the firm generated a strong pre-tax profit of £21m up from £880,000 in the prior year.

Trading margin for the main Galdris Services business, which employs around 140 staff, doubled from 4.5% to 11% as the directors kept a tight rein on costs.

Founded by Donal Gallagher and Sean O’Driscoll in 1998, the Enfield-based firm has worked on major projects across the south east and London, including HS2 in recent years.

Joint chief executive Gallagher described the latest results as encouraging considering the challenging market conditions.

He said: “A focused strategy of targeted cost control, cost-plus contracts, selective bidding and pro-active supply chain management have all combined to raise the margins for the year.

“Our expectation is that retention of our current margins will require constant monitoring and proactive management, however, it is anticipated that the group will continue to be cash positive and continue to retain a strong order book moving forward.”

He added that Galldris would continue to strengthen its financial performance by concentrating on and improving management processes and further expanding market share, while at the same time closely monitoring both direct and indirect costs.

Cash at bank increased 15% to £31m.