Dudley-based Baggeridge Brick saw its share price crumble as investors appeared in no mood to forgive the company for being up against strong comparisons.
Baggeridge told yesterday's annual meeting that it still expects a reduction in first-half profit relative to the unusually strong first half of the previous year.
Chairman Alexander Ward said the board was encouraged by recent indications from national housebuilders of increased levels of activity.
It said it was well placed within the industry, with its ongoing investment in efficient-production capacity.
Baggeridge's makes bricks and pavers at five locations - four of which are in the West Midlands, at Hartlebury; Kingsbury; Sedgley and Waresley. It also has landfill sites.
In the year ended September 30, Baggeridge increased pretax profit by 29.9 per cent to £8 million.