StockMarketWire.com - Middle East fire and emergency services support group AssetCo booked a 36% fall in annual profit, which it pinned on a professional negligence claim against former auditors Grant Thornton.

Pre-tax profit for the year through September fell to £1.4m, as revenue fell 8.0% to £22.9m.

Profitability was adversely impacted by the reduced revenues and an increase in the litigation costs incurred in the claim, AssetCo said.

The case was decided in the company's favour, it added.

'However, it is now subject to an application by Grant Thornton for permission to appeal to the Court of Appeal.'




At 1:47pm: [LON:ASTO] AssetCo PLC share price was -31p at 340p



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