Software business Emis Group has seen its shares plummet today, as it announced it had failed "to meet certain service levels and reporting obligations with NHS Digital", the online GP product.
Emis's shares, which are listed on London's junior market, had dropped by more than 17 per cent by lunchtime trading after the business reported the results of a review, led by its new chief executive Andy Thorburn.
The review was into customer and product "support processes", and Emis said it was working in collaboration with NHS Digital to "confirm the scale of the issue and assess the full service and contractual impact". It estimated that the financial impact would be "in the order of upper single digits of millions of pounds".
"I am very disappointed to find that in this area we have fallen behind the high standards of customer and product support that NHS Digital and our wider customer base have rightly come to expect of us," said Thorburn.
The company, whose major shareholders include asset managers Liontrust, PrimeStone Capital and Invesco, also issued a trading statement this morning which, though in line with the board's expectations, was not enough to halt the freefalling share price.
Thorburn was appointed to run Emis when its previous chief executive, Chris Spencer, retired last year after more than 17 years at the firm.