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Mears鈥� pre-tax profit has fallen 61% because of the cost of restructuring Morrison, which it bought last November.

In a statement to the City, the firm reported a pre-tax profit of 拢4m in the six months to 30 June 2013, down from 拢10.2m over the same period last year.

This was driven by 拢6.5m of restructuring costs and a 拢5m reduction in value of Morrison and its other acquisitions.

Over the same period last year it reported a 拢3.2m reduction in the value of its past acquisitions.

Operating profit, calculated before these costs were included, actually rose to 拢16.3m from 拢14.9m over the period.

The firm reported revenue of 拢457.8m up from 拢307.2m, an increase driven by the Morrison acquisition.

In the accounts David Miles, chief executive of Mears, said the restructuring costs were 鈥渋n line with our original expectations鈥�.

He added: 鈥淭he integration of the Morrison social housing business is now substantially complete. As anticipated, integrating Morrison is realising valuable synergies.鈥�

Miles said he expected 鈥淢orrison activities鈥� to make a 鈥減ositive contribution to profit in the second half of this year鈥� to the social housing arm of the business.

He said there remained very strong potential for growth in the social housing sector, where the firm reported organic growth of 17% to 拢378.9m over the period.

The firm also reported an order book totalling 拢3.8bn, up from 拢2.5bn in the first six months of 2012.