For the six months to 30 November 2010 the construction group saw its revenues decline to £41.8m, down 12% on the same period in 2009, but pre-tax loss was reduced to £470,000, compared to a £4.37m loss last time.
Chairman Richard Fildes said: “After the substantial provisions which resulted in the heavy losses for the year ended 31 May 2010, it is encouraging to be able to report an improved performance in the first six months of the current year. Nonetheless, conditions in the regional property market and construction sector generally remain subdued.
“The construction division has again performed creditably, turning in a near break-even result on reduced levels of turnover. The forward order book, remains healthy, although the start dates for a number of key contracts have been delayed, making a profitable outcome for the division in the second half of the year increasingly challenging.
“The concrete pumping division, though still loss making, has shown signs of improvement, with better margins and tighter cost control. The results for the full year should show the benefit of the re-organisation which took place last summer but will inevitably be influenced by the level of public sector spending.”
Mr Fildes concluded: “With the continuing support of the group's bankers, The Royal Bank of Scotland, and no renewed decline in confidence in the regional construction and commercial property markets, the group should make further progress in the second half of the year.”
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