The decision by Euronext, the cross-border stock exchange, to clear Buhrmann of misinforming investors at an equity issue in March came as a relief to the Dutch office supplies company. But it has done nothing to repair the damage done over the past 12 months to investor confidence by inaccurate revenue and profit projections.

Fund managers are still sceptical of numbers that management and analysts predict companies trying to raise equity capital can achieve.