Results released today show group turnover fell to £239.4m for the year to June 2011 compared to £251m last time.
But construction was a growth area with turnover at the division rising to £30.1m from £22.3m following contract wins including a Land Rover dealership in Edinburgh and the Moray schools project.
Making money was still a struggle but pre-tax profits were up to £406,000 from £140,000 last year.
Stewart Milne recently confirmed planned redundancies at its timber frame division despite turnover rising to £57.1m from £53.8m.
The homes operation is the largest element of the group with turnover unchanged at £137m.
Chairman and Chief Executive, Stewart Milne said: “We have a financially secure and sustainable business that has at its helm a strong and experienced team.
“As the market starts to move again we are in a good position to stay at the forefront of the UK housing and construction sector”.
Group managing director Glenn Allison said: “Our ongoing trading performance and long term stability speak for themselves.
“We remain in profit, have a strong balance sheet and are well positioned to retain our position as one of the leading businesses in the sector.”