The shares were suspended in March but results have now been released for the year to 30 September 2025 containing qualifications from the auditor.

The auditor said: “During our audit work, we were approached by an individual who raised concerns relating to payments made to a limited number of training and consultancy services providers. Following investigations by management, certain irregularities were identified in respect of a number of related transactions within the group and parent company.

“We raised our concerns with management and the directors who engaged an external forensic review and legal advice to assist them to perform further work to verify the nature of these transactions.

“Work and the procedures we have performed in response, have not adequately addressed our concerns. We sought to obtain further evidence but were unable to do so because management decided against concluding further investigative efforts into the transactions prior to the signing of the financial statements and thus imposed a limitation of our scope.

“Management and those charged with governance are of the view that although the necessary work should be completed, due to anticipated difficulties in obtaining information from suppliers who are no longer engaged by the Company, the proposed procedures are unlikely to generate further or better-quality evidence to address our concerns, and this exercise would not be completed within the timescale that the Board has set for the publication of the Annual Report and Financial Statements.”

Henry Pitman, Non-executive Chairman said: “Following the end of the financial year we unexpectedly had to devote significant management time and cost to remediating a number of operating process and internal control matters that were identified.

“Although this work was time-consuming and costly, the results have provided a valuable opportunity to strengthen the Group’s operational systems and controls and ensure that future expansion will be supported by a more robust, scalable and resilient platform.

“During the course of the FY2025 audit concerns were raised that some of the company’s systems, procedures and controls relating to the risk profiling and onboarding of a small subset of training and consultancy providers had not developed, or had not been followed appropriately, in line with the requirements of the Group.

“The operating processes, procedures and controls of fast-growing companies require ongoing review and enhancement to ensure they continue to match the operating demands of an expanding business.

“As a result, audit evidence was, at times, inconsistent or incomplete, and in some cases a complete audit trail was not available for a limited amount of expenditure relating to these suppliers, particularly in respect of a small number of external training and consultancy providers.

“Source data from certain suppliers was found to be incomplete and, in some cases, lacked the level of sophistication or integration required to align effectively with the Company’s accounting records.

“The Board took this seriously, particularly given the resulting difficulties in obtaining sufficient independent evidence to verify the relevant expenditure. Accordingly, following discussion with the auditors, the Board engaged specialist investigating accountants and independent lawyers to provide further clarity on the training and consultancy expenditure and to advise on the appropriate remediation of the related systems, procedures and controls.

“Following extensive internal review and external investigation, the Board recognises that some gaps in audit evidence remain and that, in some cases, the audit trail is incomplete.

“However, the specialist accounting and legal workstreams, and the detailed remediation work commissioned across the Company’s systems, processes, and controls, have provided the Board with confidence the relevant systems and processes have been largely remediated and expects the remaining remediation work to be completed by 30 September 2026.

“While the Board regrets the underlying control issues, and the subsequent delay they have caused in the signing and publishing of the FY2025 accounts, we see this an opportunity to ensure that the Company and the Group will have the core procedures, processes and controls that can be maintained and further enhanced to future-proof the Group’s accounting and governance systems, that will allow us to continue our growth path from a sound, remediated foundation.”

Results show turnover increased to £121.2m from £101.9m as pre-tax profits fell to £900,000 from £2.2m.

Brusk Korkmaz, Chief Executive Officer, said: “Growing our business rapidly both organically and through acquisitions to achieve revenue of over £120m in FY 2025 is a fantastic achievement but has placed strains on our systems and controls which has led to a thorough review of our internal processes.

“Going forward we are confident that we now have in place robust procedures across the Group to handle our future needs as we drive the business forward.”