While many of the construction company’s rivals have seen large drops in profit, Galliford reported pre-tax profit of £60.3 million for the year ended 30 June, a £100,000 rise on last year.
The Uxbridge-based company which is upgrading Wimbledon’s Centre Court saw revenue increase 30 per cent from £1.41 billion to £1.83 billion.
Bosses were forced to write down the cost of its land bank, close an office and cut staff all at a cost of around £11.5 million as the struggling UK housing market began to bite.
But chief executive Greg Fitzgerald said the company gained 85 to 90 per cent of its construction income from public and regulated sectors, building schools and hospitals.
The company also reduced net debt from around £99 million to £2 million so it will be ready to buy cheaper land and make acquisitions when the market improves.
Mr Fitzgerald said: “Our construction businesses have delivered a record performance, with increased profits and excellent cash generation.
“Whilst housebuilding has been affected by the severe downturn in the housing market, its effect has been mitigated by our early adoption of a policy of aggressive selling, our strengths in affordable housing and our concentration on managing our debt.
“Throughout these testing times, the group’s financial strength and broad sector exposure will stand it in good stead.”