Shopfitting and interiors group Havelock Europa has today set out plans to make 50 workers redundant at its Fife headquarters over the next month.

The Kirkcaldy-based firm said the move follows a profit warning last week, in which it signalled a “material” hit to its results due to a significant cutback in spending by its biggest client in the financial services sector.

Havelock had already announced in September that it was cutting about 50 jobs, equivalent to 10 per cent of its staff, to bring its headcount down to 450.

The latest redundancies to hit its Kirkcaldy headquarters, announced to staff this morning, are expected to be made over the next month.

The move follows the loss of a major contract from the Lloyds Banking Group which wiped almost £2 million off the value of Havelock Europa’s shares. Lloyds was Havelock’s largest single customer and revenue streams attributed to Lloyds were worth £14m to Havelock this year.

Chief executive David Ritchie said: “Any decision to reduce jobs is an incredibly difficult one to take but we must respond quickly and decisively to this loss of income for the long-term good of the business and the wider workforce.

“We will, of course, do everything we can to support those colleagues affected over the coming weeks.”