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AssetCo operating profits fall

By BFN News | 08:38 AM | Friday 28 March, 2014

AssetCo posts operating profits of £1.7m for the year to the end of September - down from £3.4m last time - on revenue of £17.6m (2012: £15.9m). Profit before tax fell to £1.3m - down from £2.9m. The company said the reduction in operating profit was principally due to: the absence of £0.8m of one-off consultancy income; one-off costs of approximately £0.6m relating to the completion of the construction portion of the Abu Dhabi contract; £0.4m in relation to the independent investigation of the audit of past financial statements and the preparation of claims associated with the audit of financial statements prior to September 2011. Chairman Tudor Davies added: "We anticipate completing final particulars of a professional negligence claim, currently estimated to be in the region of £40-£50m, against the former auditors during the course of the year. "Trading continues to be in line with management expectations, and as I indicated above we are close to finalisation of a contract to continue our outsourced fire and rescue operations to the Abu Dhabi Government for a contracted period until November 2016." At 8:38am: (LON:ASTO) AssetCo PLC share price was 0p at 277.5p Story provided by

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