Problems with a Brazilian joint venture firm set up to install tensile polymer membrane roofs at the stadiums led to the loss on a reduced turnover of £8.3m for the year.

World Cup problems forced Hightex to suspend its shares last September.

The suspension was lifted in March following a refinancing and Hightex is on the lookout for a partner to help it move forward.

Charles DesForges, Executive Chairman, said: “2013 has proved to be a most difficult year for the Company principally as a consequence of operational problems in the Brazilian joint venture company.

Hightex’s reputation for innovative expertise in membrane structures, coupled with the gradual improvement in global economic conditions, have led Hightex to submit tenders for several interesting projects and the directors are cautiously optimistic about one or more contract wins in the second half of 2014.

“The global financial problems arising from the economic recession, which started in 2008/09, are still not solved and many small to medium companies have suffered in consequence.

“One specific solution for Hightex might be to identify a partner with the appropriate financial strength which would complement the well-recognised, innovative construction engineering skills for which the Company is renowned.

“The Directors continue to investigate this possibility.”