Well-known Gloucestershire building contractor Barnwood has posted a £100m turnover.

Founded 60 years ago, the group operates three divisions - construction, shopfitting and general works (which undertakes specialist construction projects). The businesses were merged in 2020 and they are now known as Barnwood Ltd.

With its headquarters still in Barnwood, for the year to December 31, Barnwood Ltd reported a turnover of £101.5m compared to £64.4m the year before.

Gross profits grew from £3.42m to £7.77m, but pre-tax profits dropped from £218,416 to £174.375.

A statement submitted with its annual accounts read: "The company had a satisfactory year in what emerged to be a challenging time for the industry.

"Supply shortages and inflationary pressures on key materials has emerged as our most significant risk across the business. We initially had difficulty mitigating these risks but now believe that we are in a good position to manage inflationary issues with our pipeline going forward.

"Cashflow continues to be effectively managed across the business. Our healthy cash resources allowed us to maintain our payment performance to our supply chain."

In 2020, the group became employee owned in a move to support the long-term sustainability of the organisation and secure the legacy of the founding directors.

The report added: "Becoming employee owned recognises all who dedicated their time and energy to support the business, contributing to the success it is today."

Current projects for Barnwood include engineering giant Renishaw's £50m-plus new facility in Wales, new buildings at Hartpury University and Hartpury College as well as various other project across the UK.

Looking forward, the company with 200 staff said it had a strong order book over the next 12 months from existing profitable work streams and frameworks.