MAGHERAFELT building firm Henry Group sustained a 28.7 per cent drop in turnover last year to £36.3 million.
However, profits before tax for the year to March 2015 rose marginally to £1.06m from £1.03m the previous year.
The turnover is less than a third of when the group was at its peak with sales of £110m.
The directors said the performance came after they refused to lower prices to win contracts.
In their strategic report filed with accounts at Companies House in Belfast, they said they had "continued with the strategic decision not to pursue cut price bids, despite the actions of many of the group's competitors who have continued to bid at unsustainable levels resulting in negative margins".
"The directors remain selective in targeting tender opportunities where they are confident of a positive return and with a prospect of repeat business and partnering opportunities.
"Whilst this explains some of the reduction in turnover from the prior year, the basis of this strategy is to defend the group's balance sheet whilst providing sufficient activity within the business to retain key staff until such times as more work becomes available.
"The directors consider the result for the year as satisfactory and do not anticipate any significant changes in the forthcoming period."
The group's entire turnover was accrued in the United Kingdom.
The average number of employees rose slightly to 248 (from 243) although the overall wage bill contracted to £7.6m, against £7.9m in 2014.
Directors were paid £617,000 collectively with the highest paid receiving £116,000.
The group's main business is the Henry Brothers construction firm.
Other subsidiaries include glazing manufacturer Windell and Roll Formed Fabrications and the builders merchant James Henry & Co.
The results show that the Henry Group has continued the ride out the recession and the aftermath at a much lower base.
Like other construction firms in the north, it has turned to Britain for many of its bigger contracts.
Last month, Henry Brothers secured its biggest contract in some years with the £12.5m contact to build a new science, technology engineering and mathematics teaching building at Loughborough University in England.
The 55,000 sq ft STEMLab is due for completion in 2017.
It was just the latest in a string of new work won by Henry Brothers in a busy autumn period.
Others include making a new£7.2m installed engine test facility at RAF Lossiemouth in Scotland.
It also won a £6m contract at Aldercar Community College and £1.3m worth of work at the Scottish Parliament.
A further £3.1m contract at Loughborough will see Henry Brothers build a new dining facility.
The company was started as Henry Brothers in 1976 and grew into a larger group in the 1990s after a series of acquisitions.
In addition to its Northern Ireland operations, the group also has offices in Scotland and England.
