Yechte Consulting Blog
19Sep/100

Archial shares suspended

Archial suspended trading of its shares this afternoon, pending “clarification of the company’s financial position”.

The news, which comes just weeks after its share price tumbled 61% following negotiations with HM Revenue & Customs over unpaid tax, was announced on the London Stock Exchange.

The full statement reads: “At the request of the company, trading on AIM for the under-mentioned securities has been temporarily suspended from 17/09/2010 15:15 pending clarification of the company’s financial position.”

On 26 August the practice announced its full year results would be “significantly below market expectations” as a result of the unpaid tax.

A previous update in May by the firm - which is led by chief executive Chris Littlemore - said trading for the first four months of the year was in line with management expectations.

It had forecast to make a pre-tax profit this year of £3.4 million on turnover of £30.5 million.

Earlier this year Archial started work on a £27 million mental health facility in Dumfries and in May the practice, one of two listed on the LSE, said it had £60 million worth of jobs in the pipeline.

Source: BDonline