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Architecture firm Archial has issued a profit warning, blaming cancelled and delayed projects, as it seeks help from banks and shareholders in paying its tax bill.

The firm, which was involved in the design of Peckham Libary and many other high-profile projects, said its revenue and profit for the whole of 2010 will be well down on expectations, despite 鈥渃ost saving action鈥� at the end of 2009 and in the second quarter of 2010.

It has also started on another 鈥減rogramme of cost reductions鈥� to try and save an annual 拢4.25m.

Since making the announcement the firm鈥檚 shares have plummeted two thirds, from 4.5p last night to 1.5p at 11.55am this morning.

The statement said: 鈥淭he continuing economic slowdown and significant reduction in government spending together with the well publicised uncertainty in the construction industry, has led to several of the Group鈥檚 projects being cancelled and many being postponed or delayed.

鈥淭he Group is also in discussion with HMRC with regards to amounts due in respect of prior tax years. Negotiations with regard to the scheduling of these payments are continuing.

鈥淚n the light of this and current trading conditions reported above, discussions are being held with the Group鈥檚 bankers and principal shareholder with regard to financial support necessary to conclude these negotiations. The Group hopes to resolve this issue as soon as possible and will continue to update the market as appropriate.鈥�

Two hours after the trading update was issued, Archial鈥檚 chief executive, Chris Littlemore, released a further quote in an attempt to steady the market鈥檚 nerves, saying: 鈥樷�橶e continue to deliver great work. Like the vast majority of architectural and construction industry professional practices, we are finding trading challenging at the present time and we have, as many companies, issues requiring funding considerations and negotiations as a result. We are working to resolve the situation.鈥�