Building firm Morgan Sindall, which has offices in Tramway Road, Banbury has seen its fortunes slide.

The company reported a pre-tax profit of £19.5m for the six months to June 30, compared to £23.1m for the same period last year.

Project wins for the Banbury base include a a £577,000 project to convert a former vicarage and build an extension for the Diocese of Oxford in the city’s Cowley Road and a £1.3m contract for the construction of a medical centre on the Oakridge Park housing development in Milton Keynes for Persimmon Homes.

Recently the 38-strong team completed infection control and fire precaution works worth £600,000 at Witney Community Hospital for the Oxfordshire Primary Care Trust.

Managing director Graham Shennan said the trading environment in the sector remained “challenging.”

But he added: “Looking ahead, we are well positioned to take advantage of emerging opportunities across a range of existing and emerging market sectors.”