Findel to restate annual figures

The Burley-in-Wharfedale company said it was reviewing "a number of accounting entries" in its education division which appeared not to have been properly substantiated and came to light following changes in the management of that division.

The review is expected to lead to a restatement of prior year revenues, costs and profits, but is not expected to have a negative impact on profits for the current year, which ends on April 2. Its year end statement will be made on April 28.

Findel said the initial estimate was that results for the year ended 3 April 2009 would be to have reduced that profits before tax by 5m and benchmark profits by 5m and to have cut net assets by 14m as at 3 April 2009.

More information, including on previous years, will be provided in the year end statement on 28 April 2010 and the preliminary results.

None of these isssues have impacted on Findel's net debt position, which is in line with expectations, it said.