The Chapelton site near Aberdeen

A&J Stephen (Holdings) has reported a significant fall in profits citing the oil downturn and Brexit as contributing factors.

New accounts filed at Companies House show the Perth firm generated turnover of £17.47 million in the year to March 31, down from £24.92m in the prior year. Pre-tax profits also fell from £2.31m in 2016 to £209,564.

Company secretary John Webster said that, as previously forecast, the group had been negatively impacted by the uncertainty surrounding Brexit.

The firm had also been hit by difficult trading conditions in North-East Scotland, where the group is among the developers progressing the Chapelton site south of Aberdeen, after a slump in the energy sector.

The firm sold 63 new homes during the year, a fall from 97 in 2016, and saw margins squeezed.

Mr Webster said the firm remained financially strong, but conceded it may take time to regain lost ground.