REG - Croma Sec. Sol. Grp - Trading Statement <Origin Href="QuoteRef">CSSG.L</Origin>

Croma Security SolutionsAnnouncement

08/06/2016 07:06

RNS Number : 5629A
Croma Security Solutions Group PLC
08 June 2016
Croma Security Solutions Group plc
("Croma" or the "Company")
Trading statement
During preparations for the forthcoming audit, Croma has identified an overstatement of profit before tax in the published audited accounts for the year to 30 June 2015. Following an administrative error, an intercompany charge was not eliminated during the consolidation process and accordingly profit before tax was overstated by GBP 142,250. This error has also occurred during the current financial year with the effect that profit before tax in the interim results for the six months to 31 December 2015 is overstated by GBP 47,216.
Having discussed this with the Company's auditors, the Directors intend to make a correction in the current financial year to 30 June 2016. The one-off adjustment for the prior year overstatement will result in profitability being materially below expectations but it does not affect Croma's cash position.
The Directors consider that underlying trading is robust with turnover expected to be slightly above expectations. Recent trading has been strong across all divisions during the last three months which has to a degree mitigated the effect of the accounting adjustment.
For further information visit www.cssgroupplc.com or contact:
Enquiries:
Croma Security Solutions Group Plc 07768 006 909
Sebastian Morley (Chairman)
WH Ireland 0207 220 1666
(Nominated Adviser and broker)
Paul Shackleton
Nick Prowting

This information is provided by RNS
The company news service from the London Stock Exchange
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