Redcentric has provided an update on the forensic review following the discovery of misstated balances in the group’s balance sheet. The cumulative overstatement of net assets and profits after tax up to 30 September 2016 is c.£20.8m. Management currently believe that c.£5.9m of this misstatement (£4.7m at the EBITDA level) arose in the six months ended 30 September 2016. The group’s previous indications had been that all issues related to prior periods. H1’16 revenue is now expected to be c.£53 ....
14 Dec 2016
N+1 Singer - Redcentric - Update on forensic review
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N+1 Singer - Redcentric - Update on forensic review
Redcentric Plc (RCN:LON) | 144 5 2.5% | Mkt Cap: 227.5m
- Published:
14 Dec 2016 -
Author:
Oliver Knott -
Pages:
3
Redcentric has provided an update on the forensic review following the discovery of misstated balances in the group’s balance sheet. The cumulative overstatement of net assets and profits after tax up to 30 September 2016 is c.£20.8m. Management currently believe that c.£5.9m of this misstatement (£4.7m at the EBITDA level) arose in the six months ended 30 September 2016. The group’s previous indications had been that all issues related to prior periods. H1’16 revenue is now expected to be c.£53 ....