Aukett Fitzroy Robinson (AFR) has warned that its full-year results will be significantly worse than expected
The listed company lays the blame primarily on the suspension of work at its Moscow River project due to funding issues, which has seen its shares plummet 42 per cent.
In a statement, AFR said: ‘Whilst it is hoped these funding issues will be resolved swiftly, it is possible that the project will be suspended for a lengthy period. Continued suspension of this project will cause a significant shortfall in projected group revenues for the current year.’
AFR also said it is undertaking a consultation process regarding a number of senior practice staff in the UK.
On Tuesday, AFR’s shares were down 33 per cent at 3 pence, having touched a low of 2.6 pence in earlier trading.
In June the firm blamed a depressed UK property market and a slowdown in the Middle East for the £1.2 million loss over the six months ending 31 March 2009.