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London-based Spectrum's pre-tax profit rose to £1.4m for the year to September; the previous year it was £600,000. Turnover rose to £61m from £28.5m. The result continues the firm's rapid expansion since it was formed in 1996. Turnover for its first 18 months in business was £6.5m.

Managing director Brian Tripp said the goal was to increase turnover to £100m in the next three years, although he added that he expected growth of turnover to slacken to about 15% over the next year.

He said: "There is a nervousness in the market and there is a slowdown. But the work is still out there – you just have to put more work into winning it."

The work is still out there – you just have to put more work into winning it

Brian Tripp, managing director, Spectrum Projects

Tripp, construction director Matt Bray and commercial director Victor Wright each own 23% of the firm. Chairman Stephen Sproat has a 29% stake. The four will eventually own 25% each.

Spectrum, whose largest job was a £20.5m contract for broker Old Mutual, also has a special works division, which concentrates on jobs of up to £500,000.