7 Dec 2016 14:25
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 1st 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 £655,000. Consequently, the Board of the Company expects reported profit before tax for the 2016 Financial Statements to be restated reducing profit before tax to £718,000 from £1,373,000 as previously reported.
The identified restatements relate to a reduction in revenue for the 2016 Financial Statements totalling approximately £99,000 related to disputed revenue, and an increase in cost of sales totalling approximately £556,000 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 £131,000.
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