Shares in Fife-based Havelock Europa made progress after the under pressure group said full-year trading was likely to be in line with revised forecasts.
The company announced a major cost-cutting exercise in September in a bid to save £3 million on an annualised basis.
The move involved cutting around 50 jobs from the 520-strong workforce, but the axe fell again in November after the company missed out on renewing a key £14 million contract with Lloyds Banking Group.
As a result, management moved to cut a further 50 jobs from the workforce and warned that its 2016 financial performance was likely to be materially impacted by the loss.
A company spokesman yesterday said the majority of redundancies had now been made, and the workforce was expected to settle at around 420.
In an update to the London Stock Exchange yesterday, Havelock said the £3m cost-reduction target from the business “right sizing and simplification programme” had been achieved by the turn of the calendar year.
The company said it continued to focus on careful management of its working capital, and at December 31 it was debt free with net cash of £1m.
The figure compares with net cash of £200,000 held at the same juncture in 2014.
Havelock said trading in the final quarter had been as expected, and the board expected results for the full year to Hogmanay to be in line with guidance at the time of the restructuring announcement in September.
That means that its full-year return is expected to be “materially below” previous full-year expectations, but the situation has not significantly worsened in the fourth quarter of the year.
The group will announce its preliminary full-year results on April 14.
Chief executive David Ritchie said the group was making progress.
He said: “We are beginning to see the benefits of the measures taken in late 2015 and, although trading continues to be challenging, particularly in the retail sector, we are encouraged to enter 2016 with an order book of £23m for in-year delivery which is 15% up on 2015.”
Shares in Havelock Europa closed the day up 2.50p at 8.50p.