Group turnover for the year to the end of January fell 5.6% to £213 million, compared to £225.7m previously, while operating profit before exceptional items was down 4.4% to £9.94m from £10.39m.

WH Malcolm, the subsidiary handling the vast majority of the construction and logistics business, had turnover at £200m, against £207m the previous year, and operating profit before exceptional items was £9.7m, against £10.4m previously.

Group chief executive, Andrew Malcolm, said the construction services and waste management division “performed well despite lower activity levels”. He said the group operating profit was “a robust performance in the face of competitive trading conditions in both sectors”.

He added: “The group continued its strategy of investment for the medium to long term by adding £17m of capital expenditure during the year.

“Going into the new financial year, results in both the logistics and construction services divisions in the first few months are in line with our expectations.

“With net debt at January at £10m compared to £12m in the prior year, and after significant capital expenditure noted above, the group remains well positioned to take advantage of new business development opportunities as they arise.”