But the firm is expecting to benefit from the start of large tower schemes with demand for its Levolux range of louvre systems leading the way.

In a trading statement today, the firm said: “Margins in the Building Products division for the fourth quarter were significantly lower than expected as a result of rising input costs that could not be recovered fully from customers, against a background of continued weakness in the UK construction market.

“In particular, the group’s Construction Products business experienced a 20% increase in steel costs towards the end of the financial year.

“Consequently, underlying group profit for the full year is expected to be ahead of last year, but below previous management expectations.”