Shares in Middle East fire and emergency services provider AssetCo (LON:ASTO) dropped nearly 4 percent in early morning trading on Wednesday, after operating profit tumbled in the six months to March.
Operating profit fell 70.5 percent to £0.5 million, from £1.7 million in the correlating period last year, with adverse currency movements having a £0.7 million adverse effect on figures. The group also took a £0.5 million hit from a fall in training and logistics revenues.
The company also commented on the progress of its lawsuit against Grant Thornton, which with interest amounts to approximately £40 million. It said it was in the process of being heard in the High Court with a decision expected later in this year.
The claim was filed in December 2015 after AssetCo claimed the group had missed a series of “risk factors” and “trigger factors”, including potentially fraudulent payments and statements made by former directors John Shannon and Raymond Flynn.
Shares in AssetCo are currently trading down 3.80 percent at 380.00 (0916GMT).
