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Engineering contractor Van Elle Holdings booked a 57% drop in annual profit, while warning that challenging market conditions had persisted into the current financial year.
Pre-tax profit for the year through April fell to £4.0m, as revenue declined 15% to £88.5m.
The company cut its dividend to 2p per share, down 46% on-year.
'This has been a year of transition for the business, having taken action to strengthen the leadership team, refine the group's commercial approach, streamline operations and re-focus on our customers,' chief executive Mark Cutler said.
'Whilst it is disappointing to report that performance across the year has been impacted by a combination of widely-reported market uncertainties and previously highlighted operational weaknesses, we are seeing tangible signs of operational improvement as a result of the transition plan we are implementing.'
'Nevertheless, the group is continuing to experience customer uncertainty as well as some heightened competitive pressure, resulting in a quiet start to the current year in some segments and increased volatility in month on month performance.'
'Whilst the improved customer focused approach and positive order book development underpins the board's confidence in the prospects for the group in the medium term, the board is mindful that challenging market conditions and the resultant volatility is persisting into the current financial year and impacting visibility.'
At 9:38am: (LON:VANL) Van Elle Holdings Plc share price was +2p at 37p