Profit before tax dived from £19.3m to just £432,000 – although the £2010 figure included a gain of £18.7m from the disposal of a subsidiary.
Staveley has operating cash of £1.3m, compared to £2.7m 12 months ago.
The M&E outfit provides design, procurement, installation and commissioning, testing and maintenance services.
Its main markets are defence, aerospace, education, custodial, water, commercial offices, retail and leisure, and renewable energy.
During the year, Staveley's directors undertook a “rigorous review of all costs” and took “appropriate measures to align these with the expected performance of the business in 2011 and beyond”.
The firm said its financial performance for the year was “satisfactory” and that it maintained “strong positions” in it principal market sectors.