(Alliance News) - Tintra PLC on Monday said it will suspend trading of its shares as it misses an audit deadline, but is "delighted" with its recent progress.
The builder of banking and infrastructure technology systems recorded no revenue in the financial year that ended July 31. This was compared with GBP351,000 in the prior year. It had not traded during the year, as it entered a research & development phase.
"The year has been driven by putting in place the essential building blocks for that technology and banking infrastructure, including key talent hiring at all levels, securing our first regulatory licences, contracting for our major banking infrastructure system and significant work that has taken place to build the functional requirements for that," the company explained.
Its loss before tax widened to GBP2.2 million from GBP954,000 the year before, thanks to mounting administrative expenses.
Further to its mid-July update, the Windsor, Berkshire-based firm said that diary conflicts with its auditor mean it will miss the deadline for its audited accounts. It is working closely with a regulated third party to support the audit work, and expects to deliver the accounts no later than the end of September.
However, in the meantime, its shares will be temporarily suspended from Tuesday.
"We remain disappointed that a situation that is affecting the entire marketplace for audit has affected us despite our being very prepared and starting work in late February," Tintra's board said.
Shares in Tintra fell 1.9% to 66.25 pence each in London on late Monday morning.
After the end of January, Tintra said it has made "significant progress", and put behind it the "legacy issues of the past".
It remains positive about securing operating licenses in at least three other regions and countries, having secured licenses in two key jurisdictions.
By Elizabeth Winter, Alliance News senior markets reporter
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