In the six months to 30 June 2008, PTP fell from £21.9m to £20.4m despite a 153% rise in turnover from £47.1m to £119.3m.

The company also wrote down the value of its land bank by £8.2m.

Turnover at the construction division increased 59%, from £32.2m to £51.1m, growth that the group said was underpinned by public-sector and social housing projects.