The news was broken in a late afternoon stock exchange announcement.

Group Chairman Robert Moyle has been appointed acting CEO until a permanent replacement is found and the search for a new CEO will “commence immediately.”

The announcement added: “Current activity levels remain in-line with Board expectations, albeit with operational challenges and some additional costs that are impacting margins. The Group may incur losses this year.”

Ian Elliott, Acting Chairman said: “We are fortunate in having someone of Robert’s experience and knowledge of the business to step into the role with immediate effect.”