The debacle emerged when the company’s 2018 results were published last month and revealed the error. Company officials have warned that its results for the year would be “significantly lower” than expected by the accountancy error. The error was revealed through a review of past accounts.

The company has suspended trading in its shares and has stated that its chief executive, Alex Laffey, will stand down immediately.

A review is being conducted by chief financial officer, Anoop Kang, who joined in April, alongside external auditors. It found that in 2018 operating profits were overstated by about 4%.

Publication of the firm’s results for the six months to 31 May has also been postponed, as they were due to be released on 29 August, but are now expected in early September.

The firm warned that profits for that six-month period were likely to be revised down from recent projections and that it is “applying a more prudent approach to revenue recognition”. The company said it is “applying a more prudent approach to revenue recognition”. It also said that the companies’ dividend policy would also be reviewed.