Supply@ME Capital shares soared on Friday after the inventory monetisation platform announced the appointment of a new auditor.
Supply@ME Capital has appointed Bright Grahame Murray as its new auditor for the 2024 financial year, effective immediately. The appointment follows the resignation of the previous auditor, Crowe U.K., in September 2024, who resigned citing ‘risks’ of carrying out an audit of the company.
Shareholders will vote on Bright Grahame Murray’s re-appointment at the next Annual General Meeting.
The resignation of an auditor is, of course, a major red flag, and shares reacted accordingly when the resignation was announced last year. That said, the 150% rally in Supply@ME shares on Friday took the price back to around the same level they were before Crowe resigned.
SYME operates a fintech platform that provides Inventory Monetisation solutions to manufacturing and trading companies, helping them improve cash flow management. Supply@ME Capital reduced its operating losses by nearly 40% in the first half of 2024, reporting a loss of £1.4 million compared to £2.3 million in the same period last year. The improved performance stemmed from cost-cutting measures implemented in late 2023 and reduced corporate activity.
Nonetheless, the company reported negligible revenue during the period despite claiming a strong business pipeline.