Turnover is down 11% at £11.1m ( 2009 interim £12.56m).

Project underling profit for the year is expected to be flat and approximate to last year's £4.468m.

The Board is maintaining the interim dividend at 4.5p per share payable to those on the register on the 14 May 2010.

The Group says that on the contracting side it is operating well below normal capacity and there is considerable downward pressure on prices obtainable.

There seems to be little prospect of an increase in contracting turnover over the next twelve months.

The Chairman says that he is reasonably confident that the steady trickle of private house sales in the first half of the current financial year will continue.

He adds: "We have just commenced a small speculative office block in Perth. There appears to be positive interest in the recently completed commercial and industrial space referred to above.

"However, the erosion in existing tenant numbers reported in the last annual review is gathering pace and rental income for the current year is now expected to be less than the previous year.

"At this stage I do not anticipate that property values will fluctuate significantly between now and the end of the year.