The company, which employs 450 people across Dalgety Bay and Kirkcaldy, saw recent share price gains - the stock rose from 18p to more than 23p earlier this week - were wiped out as the stock fell by 3.62p, or 16%, to 18.75p.
Turnover from continuing operations fell from £37.5m to £34.2m in the six months to June 30 this year.
The educational supplies arm was flat at £2.9m while the interiors division fell from £34.6m to £31.3m.
Chief executive Eric Prescott said the company is traditionally weighted towards the second half pointing out much of its educational contracting work is done during school summer holidays and many retailers tend to revamp stores in the autumn and winter.
Mr Prescott said recent trading had been more encouraging.
He said: "Going forward I am much more hopeful the markets we are operating in are coming back to life. What we have seen latterly is retailers have released plans they have clearly had on their shelves but not had the confidence to release [until now].
"So we are seeing a significant increase in retail enquiries."
Major contracts for education building programmes across England, Scotland and Wales are also being firmed up.
Mr Prescott said: "Those contracts are now being let in decent sized bundles to contractors and developers.
"We are busy talking to those contractors and developers and can see going forward a good healthy pipeline of opportunity.
"We still have to win it and tender for it but at the back end of 2014 going into 2015 education will be building up again."
Customer wins in the trading period include a framework to fit-out Post Office outlets, a supply chain management deal with Marks and Spencer for Asia and work on bank branches moving to the recently launched TSB brand.
Mr Prescott also confirmed Havelock Europa has won its first contract in the supermarket sector.
He said: "It is a major supermarket. We can't yet share who it is but we have won three decent orders and we are going at pace with them."
The Havelock Europa factory in Kirkcaldy benefited from a large six-figure investment in laser cutting machinery in the period. That equipment is now said to be operating 24 hours a day across three shift patterns.
Mr Prescott said: "The metal workshop it supports is also really busy which underpins the investment we have made in the equipment and people there." He said the business had created 15 apprenticeships and he is planning to introduce a graduate training scheme.
Andrew Gibb, at Havelock Europa's house broker Investec said, the company has a "robust" order book and maintained predictions for a full-year pre-tax profit in the region of £500,000.
Net debt grow from £2.4m at the end of December 2012 to £4.8m at the mid-point of this year. Havelock Europa attributed that rise to investment in materials ahead of the busier second half and spending on new factory equipment.