Shares in Plexus Holdings dropped as much as 20% after the company booked a narrowed pretax loss and a fall in revenue in fiscal 2023, but said it expects to return to profit in fiscal 2024.
At 0809 GMT shares are down 0.45 pence at 17.50 pence.
The oil-and-gas engineering company said Wednesday that its pretax loss tightened to 4.2 million pounds ($5.3 million) in the year ended June 30 from a loss of GBP5.6 million in the prior fiscal-year.
However, revenue fell to GBP1.5 million from GBP2.3 million, while GBP3.6 million was deferred and will be recognized in fiscal 2024.
Adjusted loss before interest, taxes, depreciation and amortization also narrowed, to GBP2.5 million from GBP2.8 million.
The company expects to return to profitability and to book significantly improved revenue in fiscal 2024 as the actions from its revised strategy will begin to take effect, it said.