UK-based construction, engineering, and infrastructure services company Keltbray has reported a 35% rise in its annual turnover to £527.8m ($671.76m) in the financial year ending 31 October 2022 (FY22).

This growth has been attributed to ‘high-quality contract’ wins, which were supported by stricter governance in opportunity selection and project delivery.

Operating profit rose 388% to £5.2m, indicating a £7m improvement over the previous year's loss of £1.78m.

The company made a pre-tax profit of £3.2m.

The acquisition and integration of the NMCN highways business, supply chain price inflation, and the front-loading of expenses during contracts' delivery phases reduced the company's gross margin to 10.6%.

The secured order book increased by 70% to £526.4m in FY22, which represents one year's annual revenue.

Keltbray Group's CFO Peter Burnside said: “These results reflect the inherent strength of our diverse business portfolio, enhanced governance and the commitment and hard work of all our people.

“The group has faced into the prevailing social and economic challenges, enabling the posting of a resilient financial and operating performance in FY22.”

The company said that it remains committed to sustainability by making use of renewable energy at all its fixed locations and engaging in circular economy practices in several major projects.

It noted that despite the uncertain economic outlook, the company will 'continue to make strong progress with its strategy to deliver sustainable, managed growth in a highly controlled manner'.