8th Jun 2016 07:16
LONDON (Alliance News) - Croma Security Solutions Group PLC on Wednesday said an administrative error resulted in its profit for the 2015 financial year being overstated.
Croma said its pretax profit for the year to the end of June 2015 was overstated to the tune of GBP142,250 due to an administrative error which meant an intercompany charge was not eliminated from the figures.
The same error means profit for the half to the end of December 2015 was overstated by GBP47,216.
Croma will make a one-off adjustment to correct the error in its results to the end of June this year, which will mean profit falls materially below expectations.
The group added, however, that trading has been strong and underlying revenue is set to be slightly ahead of expectations.
Croma shares were down 26% at the open to 32.50 pence, the worst performer in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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