The group’s operating profit also increased 2%, from £139.2m in 2022 to £141.3m last year. 

Commenting on the results, CEO John Morgan said: “2023 was another record year for the group and these strong results reflect the high quality of our operations and the talent and commitment of our people. 

“Despite facing market headwinds in the year and the disappointing losses in property services, the diversified nature of our operations and capabilities has allowed us to continue to make significant strategic and operational progress.

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“In addition, our focus on positive cash flow together with our strong balance sheet has positioned us well to benefit over the long term from the opportunities available in our markets. 

“Looking ahead, while there remains some uncertainty in the wider economy, reducing inflation and the prospect of lower interest rates provides a backdrop of confidence for the year ahead.

“Together with our high quality and growing order book spread across a wide number of sectors covering the built environment, we are well-positioned for the future and on track to deliver a result for 2024 which is in line with our current expectations.”