This has been driven by consistent tight governance, high quality work and profitable trading.

Underlying operating profit of £9.7m, was £3.5m higher than in 2022 and statutory operating profit recovered from the £95.1m loss of 2022 to a profit of £3.8m.

A £30.8m boost to cash performance in 2023, finishing the year with £42.3m, was achieved through the return to profitable growth and an end to separation costs. The group’s average payment days to its suppliers is 32 days.

Average cash position improved with the average month-end position being £32.9m in the second half of 2023 compared to £13.3m in the second half of the prior year.

The group has successfully completed more than £900m of contracts since separation from the Interserve Group.

In 2023, the business won £533m of new contracts alone, and as a result, its order book (secured and preferred contractor) stood at more than £1bn at the end of 2023. This means that 100% of its budgeted revenue for 2024 will come from work it had already won, before 2024 started, although other short-term new work may complement this.

Positively, the Group has had a profitable start to 2024 with over £150m of turnover in the first quarter and a continuing strong cash performance. In addition, the Group has won more than £172m of new contracts during this period and the order book remains at £1.3bn at the end of Q1.

Nicholas Pollard, chair at Tilbury Douglas, said: “2023 was a successful first full year for the Tilbury Douglas Group as a standalone major contractor and engineering business. Not only was the Group able to grow its revenue in 2023 but both the Group’s main subsidiaries, Tilbury Douglas Construction Limited and Tilbury Douglas Engineering Limited, were able to post positive results. With the past now behind us and the business running smoothly, my board colleagues and I remain confident in and are excited by our Group’s future.”

Paul Gandy, chief executive officer at Tilbury Douglas, added: “In 2024, we are celebrating the 140th anniversary of the Tilbury Douglas business, which goes from strength-to-strength, through the determination, skill, and hard work of all our colleagues. This remains the heart of our company’s success and resilience through the years.”