The company, which provides protection systems for subsea pipelines, had said previously that it was on track to meet market expectations for 2020 and would report record revenues in 2020. It reported adjusted core earnings of 4.8 million pounds for the year ended March 2019 on revenues of 28.1 million pounds.

Shares in the company fell to a one-year low of 93 pence at opening in trading on London's AIM market, before steadying at around 99 pence, down 34% compared to Monday's close.

"The disruption caused by the outbreak of the coronavirus on the Group's activities and performance has been unpredictable and rapid, impacting the Group materially in our crucial, heavily weighted Q4 period," company chairman Alasdair MacDonald said.

China accounted for 10% of the company's forecasted revenue for 2020 and 20% of its supply-chain commitments, the company said.

All of its projects set for shipment to China had been delayed and supply of components from the Asian country has stopped, it added, while its office in Shanghai that services the entire Asia Pacific region was still on shutdown.

"With the situation in China and the surrounding APAC countries evolving, we are not yet able to evaluate the full impact of the virus on FY21," MacDonald added.

(Reporting by Yadarisa Shabong in Bengaluru; editing by Patrick Graham)