Shares in Totally PLC (AIM:TLY) tumbled 60% on Thursday morning as a flurry of unsettling news hit the market.
The healthcare services provider cut its profit expectations sharply, announced the departure of its chief financial officer, and launched a strategic review to shore up its finances.
Adding to investor unease, the group disclosed a historic medical negligence claim that may exceed its £10 million insurance cover.
The company now expects EBITDA for the year to March 2025 to fall between zero and £2 million, well below February’s forecast of £3.5 million. A major NHS contract wind-down and weaker-than-expected margins are to blame.
Totally has brought in new financial leadership and appointed EY to explore options, including asset sales or investment.
The board said guidance for next year has been withdrawn and a full review is underway to stabilise the business.
The stock fell 2.3p to 1.75p.