10th Feb 2016 13:57
LONDON (Alliance News) - Boxhill Technologies PLC Wednesday said it has extended its financial year end to end-January to help resolve an accounting issue, while reporting a swing to a profit in the twelve months to end-July.
Shares in Boxhill are currently suspended.
Boxhill explained that it had acquired PayCorp Ltd in 2013, but had subsequently become aware of an outstanding VAT liability of GBP1.2 million within PayCorp. It has been unable to "satisfactorily" address these issues during the last year, and said this would have resulted in a disclaimed audit opinion for its accounts for the year to end-July.
In order to address this, the company has taken several steps. It transferred the operating business of PayCorp out of the PayCorp entity within the wider Boxhill group in January and transferred its 100% shareholding of the PayCorp entity into a non-group company at the same time. It then extended its financial year to end-January and is working to produce audited accounts for the eighteen months which will incorporate this restructuring.
The AIM lottery, software, gaming and leisure company reported unaudited pretax profit of GBP633,000 for the twelve months to end-July, swung from a pretax loss of GBP187,000 the year before, on revenue of GBP2.1 million, up from GBP1.4 million.
Boxhill said the biggest contributor to its improved performance was its payment software business, whilst its lottery business remained steady. Last month, it completed its acquisition of payment software company Emex UK Group Ltd and its associated company FreePayMaster Ltd.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Boxhill Technologies