Heightened levels of uncertainty have risen further In today’s AGM trading statement, the company notes that the uncertainty arising from a range of factors, including political events, conflicts, trade tariffs, sanctions, inflation, monetary policy, which was flagged at the time of the 2024 full year results (10 March) has worsened. Extensive global tariffs were announced by the US government in early April, with a 90 day pause on reciprocal tariffs above 10% a week later. In addition, there has been a further announcement relating to Chinese vessels entering US ports. Uncertainty regarding the potential of a global trade war has increased and YTD US dollar spot negotiations are running c.7% lower than anticipated un 10 March 2025. US dollar weakness The US dollar, in which the majority of the Group’s revenues are generated, has weakened significantly against Sterling. If the exchange rate remains at current levels for the remainder of 2025, profits would be reduced by c.£9.5m compared to the Board’s previous expectations. Adj. PBT range £85-95m Even though earnings are typically H2 weighted, the Group now expects adj. PBT for 2025E to be £85m-95m vs. £115.3m in 2024. We place out forecasts, TP and recommendation under review.