Petards Group PLC (AIM:PEG) slumped by almost a quarter even though the company said its trading performance "significantly improved" in the second half of 2023.
The surveillance and security company added that even with the recent pick-up, full-year revenues would still undershoot market expectations by 3%.
Group revenues will be around £9.4 million (2022: £10.9 million), with the second half contributing £5.0 million to that number.
Cost cutting will also mean one-off charges in the final figures for the year, though Petards expects the programme to save it £400,000 annually going forward.
Net cash was £1.2 million at the end of December 2023.
Share dropped 23% to 3p.