Springfield Properties saw annual revenue fall by 24% after coronavirus held up completion of most homes in the final quarter.
The Elgin-based housebuilder was one of the first to halt work on its sites as the pandemic took hold in the UK. It said it would normally make 30% of its sales for the year in April and May.
In a trading update for the 12 months to May 31, it said revenue would be around £144 million, down from £190.8 million. Revenue from affordable housing remained steady while pre-tax profit before tax is expected to decline by £7 million to £9 million.
However, the AIM-listed firm said it expected strong sales for the first quarter of the new financial year, having resumed construction from June 15 and reopened sales offices on June 29. It said reservations for the week that followed had been its highest ever.
Contracted revenue stands at more than £110 million, including £44 million of nearly completed private housing hanging over from April and May.
Springfield chief executive Innes Smith said: "Our priority has always been - and remains - the health and safety of our workforce and customers, and we have taken important measures to protect this.
"Nonetheless, after several months of closure, we are delighted to have reopened to a record week of reservations - reflecting pent up demand and increased desirability for the type of private housing Springfield offers.
"Multiple industry reports have commented on the shifting interests of homeowners as a result of lockdown, with people wanting larger homes, with gardens, located within commuting distance of cities, which is the kind of developments we create.
"At the same time, the shortage of affordable housing in Scotland has become even more acute and, thanks to the strength of our partnerships, we are well-positioned to help provide new homes to meet this demand."
