James Fisher and Sons PLC, a marine service provider, saw more than 8% shaved off its share price on Friday as it revealed profits and revenue had not grown in 2022.
Underlying profits throughout the calendar year of 2022 are expected to be in line with those of 2021 when the company made a loss of £20.7mln, a trading update revealed.
Revenue is predicted to reach £475mln for last year, dropping by more than 3% year-on-year.
This marks the third consecutive year of shrinking sales for the company.
Full-year results will be delayed by a month until 28 April, in order to finish discussions about existing debt facilities and resolve technical issues involving the sale of its nuclear arm, JFN.
The Cumbria firm began streamlining its operations last year, selling three of its businesses at the end of December before selling JFN to a subsidiary of Rcapital at the start of March.
The deals totalled over £18mln, while the sale of the swordfish dive support vessel generated an additional £20mln.
Changes have also been made to its senior management, with the appointment of heads for each of its new divisions: energy, maritime transport, and defence.
In the first two months of 2023, the company reported strong year-on-year revenue growth and is progressing in line with the board’s targets.
This hasn’t calmed investors, however, with its shares continuing to fall after having dropped by over 25% in the year-to-date.
The stock opened trading on Friday at 288p.