Shares in The Innovation Group plummeted by more than 70% this morning after the software company revealed huge losses.
An operating loss of £375.7m over the nine months to June 30 compared to a loss of £1.88m in the same period the year before.
The company announced a £350m goodwill writedown and also warned that its second revenue could fall by up to 40%.
Its stock was down by 73% in early trading today, having lost 39.5p from its opening price of 28.5p. The stock is now trading at 14.5p.
The company's readjusted pre-tax profit for the nine months totalled £14.5m, up from £5.2m last time. Sales increased to £83.9m from £24.5m a year ago.
