UPDATES ON REVENUE AND MANAGEMENT4 Sep 2017 12:50
Blancco Technology Group plc announces that, following matters that have recently come to the Board's attention, the Board has decided to reverse £2.9m of revenues represented in two contracts that had previously been booked during the financial year ended 30 June 2017. As a consequence we now expect revenues for the financial year ended 30 June 2017 to have increased by approximately 29% over the prior year, approximately 15% in constant currency. This correction means that Adjusted Operating Profits will be not less than £2.6m and Adjusted EBITDA not less than £4.1m for the financial year ended 30 June 2017 (subject to fully closing the accounts and audit). Cash flow for the financial year is not impacted.
Pat Clawson, Chief Executive Officer, has decided that it is in the best interests of the Company that he should step down from the Board with immediate effect. Accordingly, he will be leaving the Company and Simon Herrick, our interim Chief Financial Officer, has agreed to become our Chief Executive Officer on an interim basis.
The INTERIM Chief Financial Officer, has agreed to become our Chief Executive Officer on an INTERIM basis.
Hmmmmm. Sounds a bit desperate. But still making money....?