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REPEAT: Coms Issues Corrected Earnings Figures For Recent Year

Fri, 13th Jun 2014 09:25

LONDON (Alliance News) - Shares in Coms PLC were trading down 8.4% Friday morning after the company issued a corrected figure for earnings before interest, tax, depreciation and amortisation for the year ended January 31 that was lower than it had previously provided.

After consulting with its auditors, the cloud-based telephony company corrected its EBITDA for the year to GBP827,348, down from the GBP1.5 million it had originally stated. It didn't provide a reason for the adjustment.

In the previous year the company posted an EBITDA-level loss of GBP797,421.

Coms also corrected its basic earnings per share, revising the figure up slightly to 24 pence from 22 pence.

Chief Executive David Breith apologised for the "unforeseen error", but noted that the corrected number still "represents a huge turnaround of the business" from his appointment in January 2013.

Coms said it continued to trade strongly, and it is encouraged by its order inflow in the current year.

Shares in Coms were trading down 8.4% at 4.74 pence Friday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews