Braemar PLC (LSE:BMS, OTC:BSEAF) shares fell 5.3% to 212p after the shipping and energy broker reported a drop in revenue and profits for the year to February 2026, despite finishing the year in line with expectations.
The Middle East conflict is creating a mixed picture for shipping, with higher freight rates but lower volumes in certain markets, the company said.
Its forward order book stood at $72.5 million at the end of February, down from $82.2 million a year earlier.
Revenue in the year before the Iran war began slipped to approximately £135 million from £141.9 million a year earlier, while underlying operating profit before acquisition-related costs fell to £13.2 million from £16.7 million.
Second-half trading was stronger than the first, as its diversified business model helped offset weaker conditions in some markets.
James Gundy, chief executive, said the group had made good progress against its strategic targets, including opening its first African office and launching a UK trading facility for its securities business.
Net debt was broadly flat at £2.9 million, with the group returning to a net cash positive position during March.