Profit at east London housebuilder Telford fell by 65% over the past six months after it dramatically scaled back land-buying during the recession.
Its revenue also fell, by a third to £58.2m on the same period in 2009. However, it said this was in line with expectations.
The company also announced that executive chairman David Holland is to stand down, to be replaced by current chief executive Andrew Wiseman. Wiseman will be replaced by finance director Jonathan Di-Stefano.
The firm reported profit of just £2m, compared with £5.7m in the same period last year, with legal completions of homes down by 41% to 133. However it said current sales rates were encouraging, with 250 homes sold since 1 April.