Macdonald Estates has just released its annual report, which showed that pre-tax profits fell by two-thirds to £1.7 million, despite a 53% rise in turnover to £27 million.

Dan Macdonald from the group said that the firm was in a good position, having sold all of its investments before values began to plummet last year.

He added that property companies were operating in “an entirely new market in an entirely new era.”

Macdonald Estates is involved in numerous development projects around Scotland, including the £200 million Falkirk Gateway and a £100 million development at the SECC.

Mr Macdonald has outlined the group’s strategic plan for the challenging conditions going forward, which includes discarding slow moving and unviable projects and assets and introducing even more robust de-risking measures.

He continued: “I wish I could provide a more stimulating view, a way forward which predicts economic recovery in the short term and a strategy to see a comeback of real estate development. I fear neither are around the corner and several years may elapse before we see commercial development activity that is at all brisk.”