Fit-out specialist Havelock Europa issued a profit warning to the City last week.
The Fife based firm said “results for the year ending 31 December 2017 will fall considerably below expectations.”
The warning was blamed on delays to work starts for key customers and “lower-than-anticipated orders from the public sector.”
The firm announced a strategy review in April with a focus on office refurbishments in London and winning new clients in the health and student accommodation sectors.
Full year results for 2016 show Havelock Europa made a pre-tax profit of £183,000 following a loss the previous year of £2.7m despite revenue falling to £61m from £73m.
In June the company said: “Forecasting for the second half year remains difficult – however, given the current order book of £38 million and existing and new framework agreements, the Board believes performance for the full year will remain in line with our expectations.”
The firm currently employs around 300 people and also has a base in Mansfield.
