The construction consultancy, Sweet Group, plunged in morning trading on Tuesday after announcing a delay to the publication of its results for the 12 months to the end of March.
Any delay to results is usually punished by the city because it implies something has gone seriously wrong.
In Sweet's case it is delays in completing the sales of assets associated with the Inverclyde Schools and Dumfries & Galloway Schools private finance initiatives (PFI).
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Because the transactions have been delayed the profits will not be included in the year-end results, which are now due to be published in August.
The firm maintains underlying trading continues to be encouraging.
By 10:23 the stock was down 17.4% and has now fallen 58% in the last 12 months.
BS
-
One million pensioners are now higher rate taxpayers and it's not just income tax to worry aboutRising state pension payments have pushed more people into higher tax brackets but this could also affect other areas of your finances
-
HMRC slaps pensioners with record high surprise tax bills - do you owe the taxman money?More than a million people face surprise tax bills by HMRC, including thousands of pensioners, as triple lock pushes more retirees into taxable income brackets
