Renew, the contractor formerly known as Montpellier, reported a 55% jump in pre-tax profit to £7.2m after growth in its specialist engineering and building divisions.

Brian May, Renew’s chief executive, said it planned to increase turnover from £347m to £500m in the next three years.

Renew, which employs 800 people, specialises in the construction of social housing in the South-east and retail work across Britain. It is keen to expand its specialist engineering division. Profit at this division jumped 20%, while the specialist building division rose 42%.

May said: “We’re looking for further acquisitions but are only interested in engineers.”