The new leadership team at Fife-based fit-out firm Havelock Europa, which this week revealed that it made pre-tax losses of £2.6 million for the six months to the end of June, has set a goal to transform the firm into a £100 million business.

Shaun Ormrod, who succeeded David Ritchie as chief executive at the end of September, said the number one priority for the firm would be to win new business from existing customers.

The change in leadership followed the 2016 financial year in which the firm turned over £60.8m and made a pre-tax profit of £400,000.

While not putting a specific timeframe on reaching his £100m turnover target, Mr Ormrod said he expects to hit £70m by 2019/20 with growth of between five and 10 per cent a year thereafter.

He also said he expects 80 per cent of the growth to come from existing customers.

Speaking as the firm unveiled its strategy update, which also included ambitions to expand into England, Mr Ormond said: “We have a fantastic workforce, a solid manufacturing capability and a very loyal customer base a lot of our customers have been working with Havelock for 25 years or more.”

He continued: “We are dominant in the north but when you go south it gets a bit more patchy.

“There’s a huge amount of work we should be picking up from that existing client base.”

The plans outlined by the firm will see the business focus on streamlining, in particular bringing its corporate and lifestyle arms together.

It will then look at expanding its reach in the Midlands and south of England and also plans to invest in manufacturing more design-led products from its Kirkcaldy base.

“What’s been really clear to me is that the design-led solutions we can provide give clients the signature tune they need for projects they are working on,” Mr Ormrod said.

“We provide them with the right bespoke solution for their foyer or conference room or wherever they want to make a statement within a building.”