James Walker (Leith), whose interests include supplying timber to housebuilders and property development, said it remains well positioned but cautious for the year ahead.

In the Livingston-based group’s accounts directors wrote: “Uncertainty and dropping confidence resulting from the recent EU referendum result may have a detrimental effect on trading in the forthcoming period.”

They added: “Whilst the market for new-build residential properties is improving it remains fragile being assisted through government support. Within the building supply industry, caution is prevalent.”

Started in 1863, James Walker grew net assets to £95.3 million in the year to March 31, from £87m at the preceding year end.