The company said net earnings in the year to 28 February were £4.48m ($7.53m), down from £6.84m in the previous 12 months.
Revenue dropped to £125.5m from £139.6m as it blamed “subdued shipping markets.”
Sales costs were cut to £31.75m from £43.59m, however.
Chief executive James Kidwell said: “The shipbroking business had a demanding year, but we believe the industry has now passed the bottom of the cycle.
“The
