Company fails to declare results

Shares in Jongleurs owner Regent Inns have slumped more than 20 per cent this morning after it failed to announce its annual results.

The company surprised the City with the news, which it blamed on problems in complex interest calculations.

Regent Inns said the calculations had not been "strictly in accordance" with its procedures

The shares slump means the company is worth less now than it was a decade ago.

Industry analyst Robin Chhabra told news agency Reuters: "I think this is one to avoid, I don't think investors should buy on weakness,"

In a statement, the company said: “Assuming a positive resolution of the above matter, Regent confirms that it will be reporting that its trading performance during the 52 weeks ended July 3, 2004 were in line with market expectations.

“As previously announced, like for like sales in [this period] declined by 5.4 per cent.”

Last week, the board announced the sudden departure of chief executive Stephen Haupt and finance director Simon Rowe, setting alarm bells ringing.

The company, which also owns the Walkabout chain of Australian-themed pubs, has been seen as a possible takeover target.

Published: 3 Jul 2004