IT services firm Redcentric has been criticised by the regulator for misstating its debt and asset positions, which led to an artificially inflated share price between 2015 and 2016 and about £43m in losses for affected shareholders.

The Harrogate-based firm, whose clients for its network and cloud services include the NHS, VirginCare and the CBI, issued the misstatements in its unaudited interim results and audited final year results. The Financial Conduct Authority said on 26 June this amounted to market abuse between 9 November 2015 and 7 November 2016.