The AIM-listed group revealed a pre-tax profit of £105,000 in the year to June 30, down from £565,000 a year earlier.

Chairman and chief executive Douglas Lowe said the group’s property development operations had continued “virtually unchanged” in the year but said a slowing economy and the volatile political landscape had taken a toll.

“This time last year Scottish market conditions and prospects appeared to be improving considerably, but in the first half of 2016 house prices reported by the Registers of Scotland in Scotland fell 8.4 per cent in Q1 and 2.3 per cent in Q2,” he said.

“The continuing deterioration in the Scottish economy, highlighted by the shrinkage of the oil industry, and reinforced by the uncertainties of the outcome of the Brexit vote, were almost certainly major influences at that time.

“Thus, late 2015 and early 2016 did not seem a propitious time to undertake major speculative development.”

Holdings include 14 rural developments sites which include the Tomperran, a 30-acre smallholding at Comrie; Chance Inn steading at Loch Leven which has permission for 10 new homes and a potential eight-home development near the Peat Inn, Larennie.