Property investment firm Safeland's group revenue fell by 39% to £12.9 million in the year to 31 March.
The company said activity was lower than in the previous year.
Operating profit plunged from £5.8 million to £1.9 million, which the company said reflected its selective approach to transactions until the outlook on the economy and the property sector show signs of strengthening.
Trading stock decreased in value from £14.8 million at 31 March 2016 to £9.3 million at 31 March 2017.
Due to the fall in the share price over the course of the year, total shareholder returns for the year decreased by 2.7% following a 16% increase the year before.
The company declared a final dividend of 1p per share.
Managing director Larry Lipman said: "I repeat the statement in the most recent interims and 2016's full-year results, that the market appears to us to be constrained by an economic outlook which in turn is affected by political conditions in the UK, in the EU, and worldwide, which I believe have combined to create a more cautious environment.
"This is not stopping us from adding value to the company's existing stock through planning or development, and we remain confident that our skills will enable us to make selective acquisitions and profitable disposals."