28 Sep 2015 08:49
GEONG INTERNATIONAL LIMITED - Audit UpdateGEONG INTERNATIONAL LIMITED - Audit Update
PR Newswire
London, September 28
GEONG International Limited
("GEONG" or "the Company")
Audit Update
GEONG International Limited (AIM: GNG), the AIM listed, Beijing based, provider of content management software and solutions, provides the following update on its results for the year ended 31 March 2015 as a result of the ongoing audit process.
As announced on 14 September 2015, the Company is reviewing the recoverability of its trade debtors and accrued income and believed at that stage that it was likely that a material provision would be made against these. The Company has now completed further work on this area and believes that the provision will be in the order of £12m. In conjunction with the review of accrued income and trade debtors the Directors have also reviewed the amounts of accrued revenue to be recognised for the current year and now believe that it is inappropriate to recognise certain amounts with respect to one particular customer. As a consequence revenue is now expected to be circa £5.8m.
The balances stated above remain subject to the audit process and the Directors are making every effort to ensure that this process is completed by 30 September and the audited accounts are posted to shareholders in accordance with AIM Rule 20 by this date.
As previously announced the £1 million of CULS are due for repayment on 30 September and it is the Directors’ current intention to seek an extension to this date as they have previously done. Discussions with respect to this are ongoing with Hanafin International Limited.
Further announcements will be made in due course.
For further information, please contact:GEONG International Limited www.geong.com Tel: +86 10 85869655Henry Tse, Chairman Weidong Wang, CEO
Nomad and brokerfinnCap Tel: +44 (0) 20 7220 0500Stuart AndrewsJonny Franklin-Adams
About GEONG International LimitedGEONG is recognised as a leading independent Internet software solutions provider and operator for large enterprises in China.Registered in Jersey, the Company's operations are headquartered in Beijing,China. GEONG International Ltd. (GEONG or the Company) has been quoted on the London Stock Exchange (LSE AIM: GNG.L) since June 2006. The Company has since transformed from an ECM (Enterprise Content Management) software and service centric business to an internet business centric company.GEONG is an internet solutions and service software company managed by a worldclass management and professional team who collectively own 26% of the business. The Company's mission is to help its clients to improve their business efficiency and customer satisfaction through smarter internet applications.For more information, please visit www.geong.com