At least five companies have been suspended from Aim for failing to get their results filed on time. Companies on the junior market had been struggling to get their half-year figures submitted following the introduction of the new International Financial Reporting Standards (IFRS).

Racecourse and online gaming operator ubet2win (UBT:AIM) fingered IFRS for its delayed results. It gave no clue as to when the numbers may be published. It has a 30 June half-year end and the London Stock Exchange (LSE) says numbers must be released in three months.

Other companies to be suspended were Cardinal Resources (CDL:AIM) (see bids and rumours page 28), which put the delay in its interims down to ongoing refinancing discussions. Meanwhile TV Commerce (TVC:AIM) has given no reason for the delay in its numbers.

Two companies were suspended for failing to meet the six-month deadline for publication of their full-year results. They were Cytomyx Holdings (CYX:AIM) and Newmarket Investments (NWN:AIM) that both have year ends of 31 March.

Last week saw investors swamped with results as companies left publishing to the last possible moment as they grappled with IFRS. IFRS replaced the old UK Generally Accepted Accounting Principles (UK GAAP) which have already come into practice for the main list.

by: Simon Keane