AIT shares hit new low as trading resumes
09 August 2002 | 3527 views | 0
Share in AIT plunged to a new low of 5.5 pence as trading resumed this morning, almost halving in value after yesterday's publication of worse-than-expected full year losses.
The shares were relisted after the floundering UK-based CRM vendor unveiled a refinancing package and reported operating losses of £8.7m and a cash outflow of £7.3m in the year to 31 March.
The results announcement was held over from mid-June following the disclosure of a revenue hole in the company's accounts and a looming liquidity crisis.
By mid-morning the stock had clawed back some of its value to stand at 8 pence, still 2 pence off its previous low and a precipitous fall from the year high of £8.70. At its peak in 2000 AIT shares were changing hands for £18 each.