KINO Kinovo Plc

TIDMBILB

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 GBP655,000. Consequently, the Board of the Company expects reported profit before tax for the 2016 Financial Statements to be restated reducing profit before tax to GBP718,000 from GBP1,373,000 as previously reported.

The identified restatements relate to a reduction in revenue for the 2016 Financial Statements totalling approximately GBP99,000 related to disputed revenue, and an increase in cost of sales totalling approximately GBP556,000 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 GBP131,000.

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: 020 8269 3777 

Phil Copolo, Deputy Executive Chairman

Katie O'Reilly, Finance Director

   Cenkos Securities plc:        Tel: 020 7397 8900 

NOMAD and Broker

Bobbie Hilliam, NOMAD

Alex Aylen, Sales

   Hudson Sandler:                  Tel: 020 7796 4133 

Financial PR

Charlie Jack

Emily Dillon

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCZDLFBQLFLFBE

(END) Dow Jones Newswires

December 07, 2016 09:25 ET (14:25 GMT)

Kinovo (LSE:KINO)
Historical Stock Chart
From Jul 2024 to Jul 2024

Kinovo (LSE:KINO)
Historical Stock Chart
From Jul 2023 to Jul 2024