The Scotsman reported that J Smart told investors that it was “difficult to make an informed forecast for the outcome of the current year.”

The company said: “Work in hand in contracting is less than last year. Potential site acquisitions and tender work in the housing association sector continue to be progressed, but there will probably be no new contracting work this financial year.”

“This will influence the year-end figures due to reduced turnover, which will impact on the recovery of fixed overhead costs,” the firm added.

J Smart’s underlying profit before tax for the year came in at £2.6 million, while the board is recommending a final dividend of 2.24p making a total of 3.19p.