Shares in construction safety firm Billington Holdings fell on Tuesday as revenues dropped and the company again said it would pay no dividend.
For the second year in a row the firm "reluctantly" decided there would be no interim dividend, pushing shares down 10% in morning trading.
The company said the decision was taken in order to maintain cash reserves "in what continues to be an unstable market".
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Group revenue fell by 12% on the equivalent period in 2011 to £20.1m, primarily as a result of reverting back to a single shift arrangement in its main business, Billington Structures.
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However, the company cut its losses back to £200,000 from the £555,000 it made in the first half of last year.
This resulted in a reduced loss per share of 1.3p, an improvement on the 3.5p loss it made in the first half of 2011.
Chief Executive Steve Fareham said the firm was looking to the future with cautious optimism and expected a medium-term recovery.
"Although the markets in which we operate remain challenging, the board feels that the actions taken this year and last, in response to the strategic review that the group carried out, have resulted in a more efficient business that is well placed to build on the strong position we hold in the structural steel market," he said.
"Our focus now turns to restoring the group to post-tax profitability by gaining market share and seeking additional, alternative markets that offer our group growth potential," he added.
