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Building materials supplier SIG booked a 73% drop in first-half profit as its sale fell and it booked one-off restructuring costs and asset writedowns.
Underlying earnings, which stripped out all of the one-off costs, rose thanks to improved margins.
Pre-tax profit for the six months through June fell to £5.2m, down from £19.6m on-year.
Revenue fell 5.1% to £1.26bn, though underlying profit rose
SIG held its interim dividend steady at 1.25p per share.
One-off costs included £12.2m of restructuring expenses, comprising property closure costs, redundancy and staff-related costs, asset write-downs and restructuring consultancy costs.
Gross margin rose 70 basis points and operating costs fell as the company focused on better-quality work.
'We made further progress in the first half, demonstrating our ability to deliver a sustained improvement in the operational and financial performance of SIG,' chief executive Meinie Oldersma said.
'Underlying profit, return on sales and return on capital employed all improved, and we further reduced net debt and headline financial leverage.'
'We continue to deliver increases in gross and operating margins in our UK businesses and have largely completed the transition to a smaller, more focused base of business in SIG Distribution.'
'We continue to roll out transformational initiatives across our businesses in Mainland Europe, which we expect to result in further upside over the next twelve months.'
'We remain on track to deliver our medium term targets.'