Field & Lawn, the marquee hire business based in West Lothian, recovered strongly last year as it replaced still-weak corporate demand with high-profile events including the London Olympics.

Turnover jumped from £4.8 million to £5.6m, operating profit was up from £415,735 to £660,561, and pre-tax profit hit £603,648, a rise of 71% on the £352,694 achieved in 2011, according to the latest accounts lodged at Companies House.

Founded by ex-soldier Cameron Stewart more than 20 years ago, the independent business is the UK market leader, but it retrenched in 2009, cutting staff from 100 to 70 and closing two offices as the downturn hit corporate hospitality budgets.

Mr Stewart, who was unavailable yesterday, has said Field & Lawn is now well-placed for growth by acquisition, as well as organically, but he has yet to make a move in the market.

Half of last year's sales increase came from the London Olympics, while the rise of open-air music festivals has helped offset the diminished spend by big blue-chip companies, notably banks, on golfing and on other hospitality.

Writing in the latest accounts, Mr Stewart says that better winter work and a major improvement in efficiency helped drive profits.

"We know that to survive well we have to be better than our competition at all levels."

The business had continued to invest, spending more than £650,000 on marquees, new delivery vehicles, and other equipment. "The company continues to pay down debt faster than the bank requires," Mr Stewart adds.

Net debt fell from £1.88m to £1.53m.