Restatement of Prior Year Financial Statements

RNS Number : 2260R

Bilby PLC

07 December 2016

 

7 December 2016

Bilby Plc ("Bilby" or the "Company")

 Restatement of Prior Year Financial Statements

Further to the trading update released by the Company on November 1^st 2016, the Board of Bilby Plc (AIM: BILB.L) today announces that as part of its preparation of its interim results for the six months ended 30 September 2016, the audit committee of the Company has concluded that a proportion of the additional costs, referred to in the trading update, should be applied to the profits for the year ended 31 March 2016 (the "2016 Financial Statements"). The Board believes that these costs, as well as an amount of disputed revenue, amount to approximately £655,000. Consequently, the Board of the Company expects reported profit before tax for the 2016 Financial Statements to be restated reducing profit before tax to £718,000 from £1,373,000 as previously reported.

The identified restatements relate to a reduction in revenue for the 2016 Financial Statements totalling approximately £99,000 related to disputed revenue, and an increase in cost of sales totalling approximately £556,000 related to delayed sub-contractor costs and changes in the terms of trade with sub-contractors. The Company also expects a corresponding tax credit adjustment of approximately £131,000.

The interim results for the 6 months ended 30 September 2016, which will contain further details of the restatement to be applied to the 2016 Financial Statements, will be published during December 2016.

This announcement contains inside information.

Enquiries:

Bilby Plc:                               Tel: [phone]                                                                                                    

Phil Copolo, Deputy Executive Chairman

Katie O'Reilly, Finance Director

Cenkos Securities plc:        Tel: [phone]

NOMAD and Broker

Bobbie Hilliam, NOMAD

Alex Aylen, Sales

Hudson Sandler:                  Tel: [phone]

Financial PR

Charlie Jack

Emily Dillon

 

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