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A spokesperson for the contractor and housebuilder clarified the company鈥檚 position after John Dodds, its chief executive, said the traditional model of housebuilding would disappear from the business. That led to reports that Kier would be the first housebuilder to leave the industry.

The spokesperson said: 鈥淚t鈥檚 not true to say we are exiting housebuilding. After a restructure of the business it has become a much more limited operation but will continue where there is a demand.鈥�

He added: 鈥淭he traditional model will be lost because land will also be used by the affordable housing and property divisions.鈥�

The company posted an 18% fall in pre-tax profit for the year ended 30 June 2008, from 拢77.6m to 拢63.4m. It blamed the fall on land writedowns and restructuring costs caused by the effect of the downturn on its housing and property businesses.

Kier鈥檚 underlying performance was strong, with turnover rising 12% from 拢2.1bn to 拢2.4bn.

Dodds said the results were a tale of two halves. 鈥淐ontinued demand in our construction and support services businesses has contrasted with the sudden and dramatic effect of the credit crunch on the demand for private housing and development properties.鈥�

It has become a much more limited operation, but will continue where there is a demand

Kier spokesperson

Land writedowns totalled 拢31.3m and it also took a 拢9.5m hit in restructuring and redundancy costs as a result of the collapse in demand for housing. These exceptional costs were offset by a 拢16.2m profit on the sale of its 50% investment in the Hairmyres Hospital PFI scheme in Scotland.

Home sales over the year fell 19% from 1,767 to 1,438. Sales of 611 in the second half were 35% down on the same period in 2007.

A company statement added: 鈥淕ross reservations for the first two months of the new financial year are about 76% below the same period last year, reflecting continued tightening of mortgage availability and a general slowdown in demand.鈥�

Kier finished the year with net cash of 拢144m.