The property business reported pre-tax profit of £53.1 million, with turnover up to £1,559m from £1,363m last time and £1,421m in 2019 as net cash rose to £337m at the end of June from £146m last time and £223m in 2019.

Chief executive John Morgan said: “We’ve had a very strong first half in which we’ve upgraded our profit guidance three times. We continue to make significant operational and strategic progress across the Group.

“With such positive momentum across all our activities, I am excited by the opportunities ahead. As ever, we are extremely focused on our cash generation and cash position.

“Maintaining a strong balance sheet including a substantial net cash position provides a significant competitive advantage for us. It enables us to continue making the right decisions for the business and to best position us in our markets for continued sustainable long-term growth.”

Construction revenue climbed 17% to £339m, with infrastructure revenue dropping by 13% to £435m. The construction order book of £648m is up by 27% from the year end position.

Revenue, profit and margin increased across fit-out, with turnover up by 20% to £380m, as work from outside London grew to 46% of the division’s workload, from 20%. Turnover in the partnership housing division climbed by 53% year-on-year, to reach £270m.