A West Bromwich-based protective clothing maker has branded 2016 "not great" due to the uncertainty sparked by the Brexit vote.
Beeswift, which was founded in 1981, posted a fall in turnover from £41.9m to £41m to the year end 30 September 2016.
However, the business posted a slight increase in pre-tax profit to £2.5m from £2.2m.
A report signed off by director David Griffin said: "Rarely, if ever, has a financial year commenced with such a cloud of uncertainty hanging gloomily over it.
"With all beginning to settle after the Scottish independence vote, which if nothing else was extremely unsettling for all to differing extents, we then had the long-awaited Brexit vote to look forward to in June.
"The directors presided over a flat year in terms of turnover, with underlying growth showing really quite well at around five per cent, however this growth was nullified by the poor performance of two key contracts that neutralised the growth highlighted.
"The year offered opportunity to enhance the company’s in house management and IT tools to increase efficiency in pick, pack and despatch and all the above helped the business show an improved return on flat sales in an increasingly competitive market."
It added that the directors are "happy" with Beeswift's performance and that the year was "most satisfactory" in many areas.