Landscape products group Marshalls saw pre-tax profit fall by 46 per cent in 2009 while turnover dropped by 18 per cent.
Marshalls pre-tax profit for the year to 31 December 2009 totalled £12.1 million from £22.5 million the prior year while turnover fell to £311.7 million from £378.1 million.
The group said it had cut costs by £11.4 million in 2009 after completing a restructuring of the business.
The company said it was seeing some signs of delayed projects restarting, particularly in supplying to the public sector where it said it had good visibility.
But chief executive Graham Holden said: “There is still market uncertainty, not least because of the impending election.
“We have responded by building flexibility into the business, whilst retaining sufficient capacity for the medium term so that we can react quickly and effectively to changing market conditions.
“In a difficult market we have achieved a resilient performance and are well positioned for an upturn.
“We are managing the business tightly and have significantly reduced our cost base. Cash generation has been strong.
“We are investing selectively in the business to develop new products and new markets and to build on the strong Marshalls brand.”