In an interim management statement for the period from February 1 to date, the building and civil engineering contracting business said that although contracting operations has started to gear up again, this will be too late to ameliorate the reduction in revenue for the current year highlighted in its last annual report.

The company said that site operations in contracting, private housing and property development are proceeding satisfactorily.

It also said residential sales remain buoyant, although margins are poor. The market in small industrial units remains healthy. However, despite genuine increased interest and our first tenant at Inchwood Business Park, Bathgate, letting of recently completed commercial and industrial space continues to prove difficult.

Chairman John Smart said: “Contracting operations are starting to gear up again which is, however, too late to ameliorate the reduction in turnover for the current year flagged up in the last annual report.

“While it is not possible at this point to predict the outcome for the year with any certainty, it is evident that potential property writedowns and the effect of reduced contracting turnover will combine to depress the year end figures.”