Fit-out firm Havelock Europa have reported a 12% slump in revenue for its half-year interim results.

The fife-based company revealed revenue had dropped from £28.9 million in 2015 to £25.4m this year, largely as a result of a major financial services client reducing its spending on refurbishment and development projects.

However, despite its losses, the company saw a reduction in its pre-tax loss from £1.6m to £700,000.

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While it stated market uncertainty had increased post-Brexit and activity within the retail/lifestyle sector was "subdued", Havelock stated its performance is still in line with market expectations.

David Ritchie, Chief Executive Officer of Havelock Europa, said: "I am pleased to be able to report that, largely due to the actions we took last year to right size the business and standardise business processes, the business has benefited from strong margin improvement which has led to a significant reduction in the first half loss compared to last year. In addition, strong demand from the public sector has helped to offset weakness in retail and the expected downturn in the corporate sector."

(LM)