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Stewart Milne, formerly the highest paid director in construction, slashed his pay by a third last year, owing to what his company called the 鈥渄eep and widespread鈥� recession.

Milne, who is chair and chief executive of the Aberdeen-based housebuilder that bears his name, was the highest paid director in the industry between 2003 and 2006, taking home 拢5.3m in 2006.

Last year he took a 32% pay cut from 拢2m to 拢1.37m, while total pay for all six directors was down 35% from 拢3.9m to 拢2.5m.

Richard Kelly, construction partner at accountant BDO, said the era of the huge paycheck was 鈥渙ver for at least a couple of years鈥�. He said: 鈥淒irectors are now being more frugal rather than keeping themselves in the manner to which they became accustomed. When the future is so uncertain, they realise they need to share the pain.鈥�

Meanwhile, the housebuilder鈥檚 profit of 拢25m became a 拢27m loss in the year to 30 June 2009. This was the result of restructuring costs of 拢5m and land writedowns of 拢19m, which came on top of a pre-exceptional loss of 拢2m.

A company statement said: 鈥淒uring the year, but particularly in the latter part of 2008, the market conditions deteriorated further than we鈥檇 anticipated and it鈥檚 been necessary for us to examine our land values.鈥�

Turnover fell by a third from 拢421m to 拢276m, but the group ended the year with debt of 拢252m, down from 拢280m in 2008. A company statement said it continued to operate within its bank facilities.

It added that it had sold 36% fewer units in 2009 than 2008, but that the market had started to improve in recent months.

The one bright spot was its construction business, where turnover was up 33% although the company said the figure would fall next year as it avoided bidding for work at low margins.