The Switzerland-headquartered firm’s shares are listed on the London Stock Exchange. 

Yesterday afternoon (27 April) HeiQ announced that its audited results for calendar year 2022 would not, as had been expected, be published on 30 April. 

“The Company has been delayed in the preparation of its annual results principally as a result of the acquisition and implementation of new systems as well as changes to processes within the organisation. 

“This has impacted the timing of the audit work, in this first year for the company's new auditor, Deloitte,” HeiQ stated. 

HeiQ has applied for a temporary suspension of trading in its shares from 7.30am on 2 May until when the accounts have been published. 

Its shares slumped by 31.7% to 16.05p on the news, and briefly descended to a new 52-week low of 15p (high: 109.41p). HeiQ share have lost 79% of their value over the past year.  

The group develops and licences materials science used in a range of applications including coatings, polymers and textiles, such as its HeiQ Viroblock antimicrobial and antibacterial protection tech.

It is currently involved in a legal battle with US-headquartered ICP Industrial for breach of contract over the use of HeiQ Viroblock technology in graphic arts coatings. HeiQ’s claim against ICP has been described as “well in excess” of $100m (£80.18m). 

Subsequent to HeiQ lodging its legal action, ICP Industrial Solutions Group was acquired by Dutch coatings specialist Stahl. 

HeiQ completed the acquisition of hygiene IP specialst Tan-Pure Holdings in a circa £850,000 deal in January, but also warned at the same time that 2022 sales were expected to be 20% below market expectations, with a likely $2.5m-$3.5m loss. 

In 2021 HeiQ had sales of $57.9m and made a pre-tax profit of $2.7m.