The company has confirmed that it is still analysing the accounts to discover the extent of the financial reporting problem related to revenue recognition reporting failures, but the error is likely to affect an estimated £8m of revenue.

At the beginning of the year, DeepVerge announced that it expected 2022 (unaudited) revenues to be approximately £17.2m. This was a significant hike on 2021 when the company reported £9.3m in revenue.

But following the hiring of Andrew Waters as chief financial officer on 7 February, the new management team, led by CEO Dr Nigel Burton, who was appointed in October 2022, launched a comprehensive review of all major contracts.