Social housing contractor and residential developer Durkan Holdings made a loss of £776,167 in the year to 31 January 2009, as a result of a £5.8m writedown of its stock and development land

Despite the fall, turnover at the company rose 73% to £179.2m from £103.4m, thanks largely to its social housing arm, where turnover almost doubled from £72m to £141m.

Over the year, Durkan reduced bank borrowings from £83m to £74m. It said that since January, there had been “a noticeable increase in sales activity at all our developments”. The pay of the highest paid director fell 62% from £399,667 to £150,590.

A company statement said: “Overall the group is trading satisfactorily and is well positioned to take advantage of forthcoming challenges and opportunities.”