The country’s second biggest constructional steelwork contractor William Hare has returned to profit after revenue jumped 27% to £316m.

The uplift in work helped to generate a £5.8m pre-tax profit in the year to December 2023 recovering from a £850,000 loss in the prior year.

The improvement, which saw EBITDA rise to £9.8m (2022: £3.4m), saw average group margin double to 3.1%.

Hare, which also operates in the United Arab Emirates, India and Europe, employs over 2,000 staff worldwide with around half located in the UK.

Sue Hodgkiss, the group’s CEO and chair, said the firm had built the best order book in its history putting it on a strong footing for the year ahead.

She said: “The order book position for the business was extremely strong at the balance sheet date. It is encouraging that a wide range of high quality projects continue ot come to market, enabling the group to maintain its standing in the UK and globally.

“Our latest set of results is testament to the hard work and commitment of our talented workforce. 

“It is also down to a resurgence in international markets, as well as further growth in the UK.”

Hodgkiss added:  “We have taken a very prudent approach financially over the years, which means our balance sheet is a source of strength.” 

The Bury headquartered firm ended the year with cash up just over third to £27m.