Pre-tax profits plummeted 90% to 6.91m in the six months to 30 June, which it said was due to weak demand coupled with delays in site disposals. Turnover also fell 30% compared to the same period last year, to 72.9m.

Chairman John Ward said despite the fact the restructuring was taking longer than anticipated and that the company had incurred greater costs the board remained "fully committed" to it.

Restructuring costs for the period were 800,000, but Ward said the group "remains in a strong cash position due to cash and earnings generated from the sale of surplus sites".