THE troublesome textile side of the business this week threw a spanner into the corporate machinery at Mackie International, the Belfast engineering company. Less than a month ago the group revealed that previous annual profits of £3.3 million sterling were last year turned into losses of £437,000 sterling, a debacle blamed on a £2 million charge for restructuring the textile division, various pension provisions and major management changes.

The market took fright and chipped away at the share price in anticipation of the equity losing 10.3 per cent of its value in one week. A brief announcement from the company, during the week, confirmed their worst fears. The share price was suspended as "certain matters have come to light which may or may not lead to a restatement of the accounts for the year ended December 31st 1996".

The shares, frozen at 113.5p sterling, are some distance from the onetime high of 341p. An unwelcome baptism of fire for new chief executive Sul Sahota, who has occupied the Mackie's hot seat for only a month. A further company announcement is promised "in due course".