Insulation company Superglass Holdings has warned future trading could be hit by UK government plans to improve the energy efficiency of homes.
Ministers intend to move from a scheme which gives grants for home insulation to a new mechanism which eliminates the need for householders to pay upfront for energy efficiency measures.
The move to the new 'Green Deal' is due before the end of this year.
But Superglass said there was uncertainty over how it would operate.
The Stirling-based company raised its concerns as it reported it had completed a refinancing package at the end of last year after suffering financial difficulties.
Nearly 190 jobs at the company were safeguarded after the firm raised almost £8m and agreed to reduce its debt.
In its interim results for the six months to the end of February, it reported revenue was up 14% to £17.2m.
Superglass said recent sales activity related to the current Carbon Emissions Reduction Target Scheme (CERT) - which gives grants to households insulating their homes - was encouraging, but pointed out the programme was due to expire at the end of 2012.
It added: "Thereafter, as noted above, the impact of Green Deal and its effect on Superglass' business remains very difficult to predict at this time.