Shares in Mexican chain Tortilla are to be temporarily suspended after it delayed its latest financial results further following the fallout over accounting issues.
Last month, Tortilla Mexican Grill revealed it previously overstated its profits for last year.
The group said £2.5 million of spending in its French business was “not expensed through the profit and loss account”, meaning its earnings would be up to £2.5 million lower than previous indicated.
It launched a review into the issues as auditors sought to reassess the group’s accounts.
On Monday, Tortilla said the review process and additional auditing means that the group will not be able to report its 2025 annual results by a deadline of Tuesday June 30.
The company said: “The board considers it in shareholders’ best interests to take the additional time required to complete this review within the year-end audit, rather than meet the original timetable, reflecting its commitment to strengthened financial controls and disciplined reporting, and to ensuring the issues identified in France do not recur.”
As a result of the delay, the company said its shares on London’s junior AIM market will be temporarily suspended from Wednesday.
The company stressed that the delay is solely related to the French review and audit and said it will publish its annual accounts “as soon as possible once the audit has been completed”.
It added that trading in the UK continues to be strong with “robust” like-for-like sales across its French stores.
In a statement, Tortilla said: “The board remains confident in the prospects of the group’s core business and is focused on completing the audit and restoring the shares to trading as soon as possible.”
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