New accounts at Companies House show that profits for 2016 dropped to £1.8 million from £10.5m a year earlier as turnover at the company slid by 3.8 per cent to £119.7m over the same period.

CCG said an “exceptional” 2015 followed by moves to address efficiency challenges amount to a “creditable” year for the firm.

CCG chairman and chief executive Alastair Wylie told Scottish Housing News: “2016 has been a creditable year for CCG where we maintained a strong turnover and returned a before tax profit in excess of £4.4m.

“Although both turnover and profit decreased on the previous year, 2015 was an exceptional year for our business with revenue from 2014 Commonwealth Games activity including our role in the construction of the Athletes Village.

“During the financial year 2016 we restructured the management of our offsite manufacturing facility and removed the second shift which has addressed efficiency challenges and improved contribution to the group.

“Subsequently, in the first six months of 2016 we commenced a range of projects which amounted to the manufacture of over 500 housing units - more than five times the number we started in the first six months of 2015 - and we continued to build on this through the year.”