Delays seem to be to blame with the company saying the scheduled execution of work on a major project – it does not mention which – proceeding more slowly than previously forecast.

That, of course, means a reduction in revenue and margin expectation for this period.

The company said it would reviewing its operations to ensure it is “appropriately structured for the current market conditions and forecast activity levels”

Full year net profit after tax remains uncertain at this point in time and depends on the outcome of the review, the progress of current projects, closing out existing commercial claims as forecast and the winning and the timing of the award and execution of future orders.

SCEE had $34 million of cash as of March 25 and at February 28 its order book was worth $117 million.

The company listed late 2007 to cash in on the mining infrastructure boom. So far, though, it has never exceeded the $1.72 a share price it fetched just after listing.

The closest it came was a $1.61 a share in 2009 and SCEE was averaging a price a touch north of $1 for much of the boom years.

SCEE managing director Simon High tried to paddle the company up on to the oil and gas construction wave but, with oil prices falling away, it looks like the company might have slipped off the back.

High has also brought forward his departure, due to personal family circumstances.

He had been planning to stay on as MD until a replacement had been found.

In his stead SCEE chief financial officer Chris Douglass will act as interim CEO until the selected candidate takes up the post.

High, who took up the SCEE post in 2010, will remain in an advisory capacity during the transition.

He replaced Stephen Pearce, who left SCEE to become Fortescue Metals Groups’ CFO.