It is understood that Cardpoint had experienced difficult trading in October and
November while Alphyra’s business grew.
Mr Nagle (Chief Executive) is believed to have wanted to issue a trading statement to the stock market in advance of an investor roadshow this week but the board decided against this move.
It had to adjust the accounts for earlier years plunging the company into a
£344m loss for the year ended April 2006. An internal investigation identified
accounting irregularities in 2004 and 2005.