Pre-tax profits fell to £2.4m in the six months to June compared with £5.2m last time. Turnover was £123.1m compared with £149.8m

Styles & Wood, the subject of an abortive management buyout earlier this year, admitted the results were “disappointing” and blamed its problems on retailers and developers deferring projects because of uncertainty in the marketplace.

However, chief executive Ivan McKeever said that following a series of cost-cutting measures, including the loss of 80 jobs, the company was now on track to achieve its target of full-year pre-tax profit of £3.3m.