Aberdeen-based housebuilder Stewart Milne has crashed to a £48.5m pre-tax loss in its latest annual results, which included a £38.1m write-down largely related to its pipeline of North east Scotland sites hit by the collapse in the oil price.

The Scotland and Northern England housebuilder, which specialises in timber frame homes, reported a pre-tax loss of £10.3m even prior to the exceptional items, in what it said was “the beginning of a period of transformation for the group”.