The Livingston-based firm, which operates in construction, property, and facilities management, saw a rise in turnover from £162m to £199m, achieving “strong financial results despite ongoing volatile trading conditions”.

The offloading of two timber businesses during the year brought the company an £8.2m subsidiary sale gain. Walker Timber Ltd was sold in November 2021, and profits up until the sale worth £1.5m were recorded. The other business, Pattrick Thompsons Ltd, which was sold in May 2022, had £10,363 of profits included in the accounts.

Challenges to the business included navigating the impacts of supply chain disruption and increasing construction costs which put pressure on development margins. The company highlighted an improvement in industry activity levels as the construction sector recovers from the Covid pandemic.

Net assets increased from £138m in 2021 to £169m, with cash reserves of £103m. The firm’s accounts were audited by Johnston Carmichael.