19th Jul 2023 14:26
(Alliance News) - Tintra PLC shares dropped on Wednesday, after it said it expects its shares to be suspended as a result of delayed financial 2023 accounts.
Shares in the London-based artificial intelligence-led bank fell by 23% to 78.50 pence each in London on Wednesday afternoon.
Tintra said that the audit for its financial 2023 accounts, for the year ended January 31, will not be completed within the normal six month timetable. The company's auditor is MacIntyre Hudson LLP.
This delay means that Tintra will only be in a position to release its unaudited accounts prior to its annual general meeting on July 31. The audited results will follow later, once complete.
Tintra added that its "fully expects" the audited results to be in line with the unaudited results.
"The company remains committed to finding a positive resolution to this matter," it continued. But, if the company is unable to publish its results before July 31, then its shares will be temporarily suspended from trading on AIM on August 1.
Tintra added that across the board, companies are experiencing increasing pressure on audit timetables.
The Tintra board said: "We have been working hard to ensure that the accounts are delivered on time, having started work with specialist consultants for technical aspects of the audit preparation more than three months ago. The delays with the final audit process are outside of the company's control, despite an incredible amount of work having been and being done to push this faster.
"While the company is frustrated with this position and its potential for distraction, it confirms that it has no impact at all on the work of the various teams in the company or from our greater mission."
By Sophie Rose; Alliance News reporter
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