Braemar PLC (LSE:BMS, OTC:BSEAF) shares fell 10% after the shipping and energy consultant said revenue and profit would be lower in the just-completed year to February.
Revenue for the year will be around £141 million, down from £152.8 million in the prior year, with underlying operating profit before acquisition-related expenditure close to £16.5 million, down from £18.1 million last time.
The shipbroker said global shipping charter rates, notably for the tanker market and dry cargo market, "came under pressure in the second half of the financial year, due to increased geopolitical volatility".
Cash flow "remains strong" it said, but due to timings of certain working capital items, the year finished with a net debt position of £2.5 million, before the group returned to a positive net cash position at the start of the new financial year.
The forward order book was $82.2 million at the start of the new year, up from $80.9 million six months earlier, but down from $82.6 million a year earlier.
"Whilst mindful of the short-term volatility in the group's markets, the strong fundamental drivers of the global shipping markets and the scale and diversified breadth of the group's operations underpin the board's confidence in the longer-term prospects for the business."