A company producing gas-detection equipment has recorded lower annual profits.
Crowcon Detection Instrument, which is based in Milton near Didcot, reported pre-tax profit of £8.1 million, compared with £12.3 million in the preceding year.
Revenue also declined, falling from £46.1 million to £40.8 million.
The business designs and manufactures instruments and safety solutions for gas detection.
Difficult market conditions in the Middle East were identified as a factor behind the reductions in both turnover and profit.
However, Crowcon said its established position in the market, wide customer base and continued emphasis on operational performance had helped support the business during the year.
Several new products were introduced during the year, and the directors believe they could create opportunities for future growth.
The company distributed £6.1 million in dividends for the year, less than the £8.25 million paid in the previous year.
Its accounts were prepared on a going-concern basis.
Forecasts prepared by the directors extend to 31 December 2027 and indicate that Crowcon is expected to continue making a profit.
Even under a severe but reasonable downside case, the company is projected to be capable of meeting debts when they become due.
Directors also expressed strong confidence that the firm has sufficient liquid resources to meet its liabilities as they fall due despite continuing economic uncertainty.
They believe the business model, strategy and operations can be maintained, with the company remaining solvent for at least 12 months from the date on which the financial statements were approved.
An interim dividend of £6.1 million per ordinary share was paid during the period, although no final dividend is being proposed.