Scottish housebuilder Mactaggart & Mickel has blamed "challenging market conditions" for a fall in annual profits.
The Glasgow-based family firm reported a rise in turnover of nearly £2.5m, to £84.7m, in the year to 30 April.
But pre-tax profits dropped by £2m, to £12.1m.
The company said it was a strong set of results, given the "uncertain political and economic landscape" facing the economy.
Group chairman Alan Hartley said political and economic uncertainties in the last quarter had "eroded" customer confidence and resulted in fewer people buying new homes.
The firm's homes division saw turnover climb by more than £3m to £66.5m.
It sold 225 homes during the year - up from 196 in the previous 12 months. Its latest projects include Stewart Gardens in Newton Mearns and the refurbishment of the B-listed Carrongrove House near Denny in Falkirk.
The housebuilder has been expanding into the English market, with several developments under way in Oxfordshire, including St Jude's Meadow at Milton-under-Wychwood.
That project will shortly be followed by Childrey Park in East Challow, while the development of two more Oxfordshire sites is due to begin next year.
The company, which was founded in 1925 and employs nearly 300 people, also sold 1,074 land plots with planning permission during the year.
Mactaggart & Mickel said it had been investing in new business areas as part of a diversification strategy designed "to smooth out the peaks and troughs of the construction sector".
It has expanded its Private Rental Sector (PRS) portfolio in London and invested in commercial property in two areas of New York City.