The figure was revealed in Stewart Milne’s latest accounts which show the house builder made healthy profits at its core business.

Group Managing Director, Glenn Allison said: “We took a view that in the current market, to be successful in the construction sector it was critical to either be a larger player or a niche market provider.

“We could not operate effectively in the market at our size and so we took the decision to exit the market and focus on our profitable and growing core businesses Homes and Timber Systems.”

The 2011/12 results show the core business achieved an operating profit of £19m and a net profit of £7.4m as turnover for the year to June 2012 rose from £229.1m to £268.1m.

Chairman and Chief Executive, Stewart Milne said:  “Our overall performance of our core business was positive and we’ve delivered improved operational profit and marginally improved net profit, despite the cost of exiting the construction market and restructuring.

“The performance is testament to the strength of our business, the experience of the management team, and the consistent quality of our products and service.

“We are performing well by remaining focused on the core values that have defined the company for the past 37 years, and are in a good position for growth.

“Despite a challenging marketplace, we have maintained a resilient balance sheet that remains as strong as it was prior to the downturn.”

Stewart Milne has also strengthened its land bank, which now comprises 3,500 consented plots and a further 9,000 under conditional contract and at various stages in the planning process.

Since the construction sale Stewart Milne has also expanded its Timber Systems operations.

Contract wins include the Commonwealth Games athletes’ village and an exemplar Eco-village in Findhorn in the North of Scotland.