- Middle East focused fire services provider AssetCo said damages awarded to the company in its litigation case against Grant Thornton had been reduced to £20.8m, from £29.8m, before a 25% reduction for contributory negligence.

The company said a court had dismissed Grant Thornton's attempt to set aside the whole award of damages granted at first instance.

But it had disallowed a payment of £1.5m in respect of losses and ordered that AssetCo must give credit in respect of a July 2009 £7.5m share issuance.

'The current estimate of the benefit to AssetCo including interest and costs is approximately £25m, however the precise amounts will be determined at further court hearings in due course, together with any arguments as to grounds for an appeal to the Supreme Court,' the company said.

At 1:51pm: [LON:ASTO] AssetCo PLC share price was +30p at 380p

Story provided by