Turnover at medium-sized contractor Killby & Gayford fell £7m in 2002 after contracts worth up to £12m were deferred 12 months.
Turnover at the firm, which handles work in London and the South-east, dropped to £44.8m for the year to 31 December 2002.

Pre-tax profit rose £100,000 to £1.5m for the same period because of a property sale.

Chief executive Terry Smith said he expected an improvement in performance this year.

It’s been an uncertain market for some time

Terry Smith, chief executive

He said: "I would expect turnover up in the order of 50% on last year and operating profit up threefold." Profit in 2002 was £531,719.

Smith added: "It has been an uncertain market for some time. Last year, some clients were reviewing strategies or redesigning schemes to make them more cost effective. There were planning problems with other schemes.