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Specialist engineering product manufacturer MS International swung to a full-year loss, citing economic uncertainty both before and after the Covid-19 crisis hit.
Pre-tax losses for the year through April amounted to £3.3m, compared to a profit of £4.8m on-year.
Chairman Michael Bell said that although he was 'bitterly disappointed' by the result, the company's balance sheet remained strong with £16.3m of cash and no borrowings, excluding lease liabilities.
'Whilst prospects for the global economy are most uncertain and the current downturn could be prolonged, we remain keenly confident in the future success of our businesses,' Bell said.
'We believe that what we have been doing, and will continue to do, particularly in terms of developing innovative and creative new products while simultaneously upgrading existing ones, is the proven, right approach for the markets we serve that will deliver long term rewards.'
At 8:59am: (LON:MSI) MS International PLC share price was -9p at 121p