Results filed at Companies House for the year to December 31 2023 show a pre-tax loss of £95m compared to £20m last time on turnover down to £262.7m from £301m.

The firm said “Following the significant trading challenges experienced over the past few years, the company has carried out a comprehensive strategic review of the business during H2 2024 and the beginning of 2025.

“This has assessed the challenges faced by the business including market conditions, financial performance and reduction in project funding.

“The review identified an urgent requirement to restructure and resize our business in line with our current contracted workbook.”

Staff were told about the restructure last month and redundancy consultations are currently underway with final numbers due to be decided next month.

Griffiths said: “An estimate of the scale and financial impact of the restructure cannot currently be made as this will be ultimately determined through a consultation process with employees which will extend into April 2025.”

The firm has been loss-making since being bought by CRH in 2018 with total losses since then topping £160m.

Based in Abergavenny, Griffiths is a leading civil engineering and rail contractor working throughout Wales, the Midlands and south west England.

It operates under the control of Tarmac, which itself is owned by CRH.

The company blamed the latest figures on “significant losses incurred on certain large contracts entered into on a fixed-price basis.”

Provisions set aside for the problem contracts in the accounts totalled £58m.

During the year staff numbers fell from 908 to 779.