Revenues, delivered primarily from in-build schemes, fell to £100.2m from £129.2m over the same period in the previous year.

Gross profit fell 35% to £9.3m, from £14.4m the previous year, while operating profit held steady at £400,000 for the six months to March 31st.

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“While market conditions remain challenging and continue to impact the pace of recovery, the long-term fundamentals of our end markets remain attractive, and our flexibility, strong pipeline and capital-light model positions us well to navigate the near-term market conditions and create value for our stakeholders in the future,’’ said Alex Pease, CEO at Watkin Jones.

The developer said it completed two new transactions during the period — a PBSA scheme in Bristol and a scheme to build a hotel on a brownfield site in Wimbledon.

Watkin Jones said it had also got planning for around 800 new dwellings in the period. It had gross and adjusted net cash balances of £67.1m and £61.3m respectively at the end of the period.