While the shipbroking activity continues to trade in line with expectations, weakness in the oil & gas market has continued to adversely impact the Technical division. Corrective actions have been accelerated, with £6m of benefit expected in FY18. FY17 EBIT guidance is cut to £3-3.5m and the reduced dividend should more closely reflect the underlying earnings potential, with an historic yield of 5.7% likely to build as earnings recover.