Home improvement specialist CR Smith has announced annual profits of only £135,000.
The firm said its latest full-year figures were "strong results", given the downturn in the construction market and home improvements.
The Dunfermline-based company reported sales of £18m during one of the worst periods of the downturn.
The doors, windows and conservatories specialist said profits were subdued by a continuing investment programme.
CR Smith invested £562,000 in fixed assets, primarily on its showroom and IT, with £600,000 in new vehicles. It is also planning to upgrade its Cowdenbeath factory.
CR Smith has been owned by Gerard Eadie for 34 years, and currently employs nearly 350 people.
Its brand gained prominence in 1984, when it secured three-year shirt sponsorship deals with both Rangers and Celtic.
The chairman said: "CR Smith operates in a very tough market and current economic conditions have seen sales slow.
"But we have always taken a very positive approach to our business and we are investing in what makes us strong and distinctive - our product and our presence. We're enjoying the challenge."
He claimed inquiry levels had "shot up", showing "the underlying market is still there".