Shares in James Cropper PLC (AIM:CRPR) tanked 28% on the open after the company sounded the earnings alarm.
The paper and package group told investors current-year profits would likely be "materially below prior management expectations" on revenues "not lower than" £103 million.
CEO Steve Adams explained: "The pressure on volume from inflation and global uncertainty has, regrettably, resulted in us revising our profit expectations, despite us continuing to have a strong future growth plan in place.
"The Advanced Materials business saw higher revenues for the first half but now faces a clear hiatus in the hydrogen sector as investment decisions are deferred or delayed beyond FY2025.
"The Paper & Packaging business division has been hit the hardest by the drop in demand but continues to focus on mitigating activities whilst driving productivity and efficiency savings in line with our restructuring plan."
In the first 10 minutes of trading, the stock was off 225p at 575p.