Australia's Link Administration restates FY23 results following fund solutions sale (updated)

Link Administration Holdings

30/10/2023 23:54

(Adds background, details in paragraphs 2-5)
       Oct 31 (Reuters) - Australia's Link Administration
Holdings  LNK.AX  said on Tuesday it was restating its results
for fiscal 2023 to reflect the sale of a business and the
settlement of a UK investigation into a unit. 
    The share registry firm had reached a conditional deal with
UK's Financial Conduct Authority to settle an investigation into
its UK-based Link Fund Solutions over the mismanagement of
defunct LF Woodford Equity Income Fund in April. 
        The company completed the sale of its Fund Solutions UK
and Ireland business to Dublin-based Waystone Group on Oct. 9.  
  
     The company's statutory loss for fiscal 2023 will be
revised to A$248.9 million ($158.57 million) from A$417.7
million previously reported, it said. 
    The restatement has no impact on Link Group’s operating net
profit after tax attributable for fiscal 2023, the company said,
while also reaffirming its fiscal year 2024 guidance. 

($1 = 1.5696 Australian dollars)

 (Reporting by John Biju in Bengaluru; Editing by Anil D'Silva
and Chris Reese)
 ((John.Biju@thomsonreuters.com;))