Panceltica, the Qatar-based structural steel specialist, has suspended its shares on the alternative investment market pending an announcement about its financial position.

In a statement to the stock market last week, it said: “The company announces a material adverse change in its performance and expects shortly to announce further details together with a restructuring plan.”

The group’s main activity is building galvanized-steel houses in the Middle East and it recently signed a deal with Saudi Arabia worth about $2bn (£1.1bn).

Turnover at the Qatar-based company, which defied the downturn to float on AIM in March this year, quadrupled from $31m (£17m) to $156.3m (£85.7m) in the six months to 30 June.