Insured Group has been suspended from the New Zealand Stock Exchange (NZX) for failing to lodge its audited annual report for the 2010/11 financial year.

The Perth-based company had until 5pm on Friday to lodge its report to avoid immediate suspension from the exchange.

Insured Group had warned at the beginning of last week its audited financial statements for 2010/11 would be delayed.

“The delay has been occasioned by unforseen resourcing matters within its auditors, coupled with requirement to fully reflect the significant transaction with Priority One Network Group progressively acquiring 51% of the company,” MD Wayne Miller said in a statement to the NZX.

“At this time, the company is not aware of any material change to the financial position and performance stated in its preliminary announcement made on August 30.”

Investors in Insured Group will not be able to trade their stocks until the suspension is lifted.

The volume of Insured Group trades has been very low, with occasional parcels of less than 1000 stocks changing hands in recent months.

Its share price has remained at $NZ0.001 ($0.0007) since April.