Safeland has swung to an H1 pretax loss of £0.4m, from a year-earlier profit of £4.3m. Turnover was £1.9m, from £12.5m.
"As previously stated, the market is constrained by the current economic and political outlook, which is creating a very cautious environment," said the company in a forward-looking statement.
"We continue to pursue acquisition opportunities whilst continuing to add value to existing stock held through planning or development.
"The Board is confident that it has the skills necessary to make selected acquisitions in the current market, but is being extremely selective until there is further clarity as to the general outlook."