Croma Security Solutions Group PLC Trading Statement (5629A)
June 08 2016 - 1:01AM
UK Regulatory
TIDMCSSG
RNS Number : 5629A
Croma Security Solutions Group PLC
08 June 2016
Croma Security Solutions Group plc
("Croma" or the "Company")
Trading statement
During preparations for the forthcoming audit, Croma has
identified an overstatement of profit before tax in the published
audited accounts for the year to 30 June 2015. Following an
administrative error, an intercompany charge was not eliminated
during the consolidation process and accordingly profit before tax
was overstated by GBP 142,250. This error has also occurred during
the current financial year with the effect that profit before tax
in the interim results for the six months to 31 December 2015 is
overstated by GBP 47,216.
Having discussed this with the Company's auditors, the Directors
intend to make a correction in the current financial year to 30
June 2016. The one-off adjustment for the prior year overstatement
will result in profitability being materially below expectations
but it does not affect Croma's cash position.
The Directors consider that underlying trading is robust with
turnover expected to be slightly above expectations. Recent trading
has been strong across all divisions during the last three months
which has to a degree mitigated the effect of the accounting
adjustment.
For further information visit www.cssgroupplc.com or
contact:
Enquiries:
Croma Security Solutions Group Plc 07768 006 909
Sebastian Morley (Chairman)
WH Ireland 0207 220 1666
(Nominated Adviser and broker)
Paul Shackleton
Nick Prowting
This information is provided by RNS
The company news service from the London Stock Exchange
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