A DROP-OFF in land sales from last year has slashed profits at Broadthorpe, the holding company for house builder and contractor William Davis.
The firm buys and sells land as well as building private and social housing accommodation and carrying out design and build contracting.
Results filed at Companies House show pre-tax profits dropped to £2.9 million in the year to May 2002 from £8.5 million in the previous year.
Broadthorpe said in a statement: 'The group has had a successful year but the overall profitability was lower than the previous year, due to the activity in the land market returning to historic levels.'
Turnover dropped to £67.1 million from £78.6 million and operating profits sank £8.5 million to £4.3 million. This sent operating margins at the group, which employs 427 staff, down to 6.4 per cent from 16.2 per cent in the previous year.