RSS feedsThe shareprice for Vantis has fallen to a 12-month low opening this morning with trades that valued the shares at 20p.
The new low follows a going concern statement issued by the company’s auditor Ernst & Young at the beginning of this week.
Vantis’ share price has now lost almost a third of its value since Friday when it closed at 29p. It reached a one-year high in May last year of 91p.
Statements from the company this week showed it had lost £10m year on year. They also revealed that major cause of its woes are the unpaid fees for working on the joint liquidation of Stanford International Bank, owned by Allen Stanford.
A spokesman for Vantis vigorously denied that the going concern warning had damaged the firm’s reputation in undertaking big roles or that it had failed to undertake appropriate risk management before bidding for the work.
“We have the capability, expertise and capacity to do this,” said the spokesman. “It’s a project that’s worthwhile doing.” The firm’s reputation had been enhanced by the Stanford appointment, the spokesman added, with its business recovery division increasing turnover for the period by 43% to £17.4m.
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