Yorkshire-based construction group Clugston has experienced a 39% fall in turnover to £86.7m for the year ending 31 January 2010.
In the previous year, the contractor posted record revenue of £141.7m.
Pre-tax profit also fell, from £2.8m to £1.5m.
The group put the blame on clients delaying or cancelling contracts.
Chairman John Clugston said: "It is our view that the medium-term economic climate will remain difficult with a double-dip recession remaining a distinct possibility.
"However, we will persist with our strategy of supporting our three core businesses by seeking opportunities which offer them long-term sustainable futures."
The group has three divisions: construction, which accounts for 70% of turnover, logistics, and property development.
Meanwhile, chief executive Stephen Martin will appear in a follow-up to last year's Channel 4 documentary Undercover Boss, in which he swapped his suit for overalls and passed himself off as one of his own site workers. The programme will be screened on 2 September.