And things are unlikely to improve any time soon despite an ongoing transition plan led by Cutler who has now been in charge for nearly a year.

Results for the year to April 30 2019 show a 56.5% fall in pre-tax profits to £4m from £9.2m last time as turnover dropped to £88.5m from £103.9m.

Cutler said: “Whilst it is disappointing to report that performance across the year has been impacted by a combination of widely-reported market uncertainties and previously highlighted operational weaknesses, we are seeing tangible signs of operational improvement as a result of the transition plan we are implementing.

But he then warned: “Nevertheless, the Group is continuing to experience customer uncertainty as well as some heightened competitive pressure, resulting in a quiet start to the current year in some segments and increased volatility in month on month performance.

“Whilst the improved customer focused approach and positive order book development underpins the Board’s confidence in the prospects for the Group in the medium term, the Board is mindful that challenging market conditions and the resultant volatility is persisting into the current financial year and impacting visibility.

“Whilst the benefits of our self-help initiatives should drive improved performance in the business, the ability to make overall progress in FY20 will require supportive market conditions as we progress through the year.”

Van Elle cut the size of its fleet during the year from 123 to 115 and didn’t procure any new rigs during the period.

Restructuring and redundancy costs made up the majority of the £559,000 of exceptional items as the firm continued to streamline its operations and structure.

Van Elle’s share price has fallen from 82p to 35p during the last 12 months valuing the company at £29m.