RA International Group PLC (AIM:RAI) shares dropped 17.5% to 13p after the specialist in remote construction sites reported a big fall in underlying profits and remained cautious for the year ahead.
Revenue rose 15% to US$62.9mln in 2022 but underlying profit (EBITDA) crumbled 91% to US$0.6mln, with underlying EBITDA margin shrinking to 1.0% from 12.3%.
Losses before tax fell to US$13.2mln from US$32.2mln.
Chief executive Soraya Narfeldt said the performance was "in-line with our cautious expectations for the year, with profitability significantly impacted by the prevailing input cost headwinds", but also reflected actions to stabilise the business and strengthen liquidity.
"We remain cautious on the financial performance of the business for the current financial year and expect the business to remain broadly breakeven at the underlying EBITDA level," she said.
Net debt was cut to US$3mln at the end of March from US$6.5mln in December, with cash increasing to US$11mln from the year-end position of US$7.5mln.