The Fife construction business saw turnover fall back by 12% to £65.4 million for the year to 28 January 2018 compared to the previous year, while pre-tax profits dropped by 17.5% to £3.3m.

Profits after tax settled at £2.57m compared to £3.1m in 2017.

Group finance director John Watt said: “The reduction in turnover was principally down to lower construction and development opportunities with a steady level of housebuilding activity.”

Looking ahead, the group’s strategy for its profitable private housing arm remained to “acquire land to add to its existing land bank and to enhance the Muir brand through improved quality and customer service”.

The contracting division, which experienced a 17% drop in turnover, aims to “increase the volume of contracts with partner clients and sub-contractors whilst retaining the competitive edge required for tendering”.

The group’s much smaller property development arm went from making a pre-tax profit of £884,000 to a making a loss of £139,000.

The division plans to “increase the land bank to create a steadier flow of development opportunities spread across all the commercial sectors”.