This week the share price dipped to just 3 pence, down from 60p a year ago, reducing the company’s value by 95% in a year. Now the whole company is worth less than £4m.
Price at flotation in July 2002 was 139p. The price reached 470p in May 2008 before global economic decline set in in later that year.
Over the past 18 months the consulting engineer to outsourcing group has spurned rescue bids from both Costain and Interserve, worth 153.2p and 135p per share respectively, and changed its management team.
The company has been looking at a way to restructure, with going into administration still an option. CEO Grant Rumbles said last week that “we remain on track to announce [the chosen restructuring solution] by our financial year end on 31 July 2012”.
On the day before that announcement, the company was worth twice what it is today and the share price was close to 6p.