The PLC said it continued to face “significant challenges” due to ongoing curtailed demand in its core operations of Textiles, Flooring, and Antimicrobials.

Conditions are not expected to improve until the second-half of next year.

A new restructuring plan will reduce costs by an additional 20% by the end of next year.

HeiQ plans to reduce its central organisation costs; relocate and streamline some operations to focus on its hubs in Portugal, Thailand and the US; and scale back non-core activities in its innovation pipeline.

Its operational headquarters are in Switzerland.

Regarding plans to delist, the directors stated: “The directors have concluded that the administrative, regulatory and cost burden associated with maintaining the company's listing is, in their opinion, disproportionate to the benefits.”

The firm’s shares are listed on the London Stock Exchange, and have lost more than 70% of their value since the beginning of the year. The 52-week high is 23p, low: 1p. The share price was 3.99p at the time of writing.

It is listed on the LSE’ equity shares (transition) category, which means HeiQ is not required to obtain the approval of shareholders for the delisting but has to give at least 20 business days' notice of the intended cancellation.

HeiQ is set to publish results for the 18-month period to 30 June by the end of this month.

In a trading update last month the firm said it expected to file sales of $20.4m (£15.7m) for the first six months of 2024.