The private housebuilder saw a “substantial” reduction from the £8.8 million of pre-tax profits reported in 2019 to just £3.3m for the year ended 30 June, 2020.

Turnover retreated to £32.2m from £51.1m in the prior 12 months.

Principally operating throughout the Highland region with a primary focus on the city of Inverness, Tulloch currently has 1,217 units with planning consent, down from 1,320 last year, with a further 474 units contracted in the Highlands. In the last year, it sold 136 homes, down from the 2019 total of 211.

At the end of June 2020, the group had net assets of £63.5m, up from £60.2m, and a net cash balance of £32.5m, also increased from £21m.

Chief executive George Fraser said: “The year ended 30 June, 2020, was an incredibly challenging period for everyone with the impact of Covid-19 felt globally.

“For Tulloch Homes Group in the period up to the point where the country entered lockdown on 23 March, we had been trading in line with expectations and it was anticipated financial targets would be met for the year.

“There was little activity from lockdown to the year end as a result of restrictions placed on all UK businesses by both governments in response to the pandemic. The year ended 30 June, 2020, was therefore a very truncated period, and this is reflected clearly in our results.

“However post-year-end, construction activity returned to all of our sites and buyer interest has been robust.

“On a cautious note, it is too early to forecast if this recovery will be sustained, but there has undoubtedly been a surge in pent-up demand.”

Mr Fraser added: “We continue to require the acquisition of land as the raw material and precursor to the development and sale of private housing, and that is an ongoing process.

“We’re proud to be a company that contributes to local prosperity, employing 152 people mainly in the Highlands, and supporting around 600 jobs when our regular sub-contractors are taken into account. We feel there is responsibility on us, in the circumstances of the pandemic, to provide work and retain jobs.”