US-based technology distributor Tech Data will restate some or all of its financial results from the past three years to reflect accounting improprieties uncovered at its UK subsidiary Computer 2000.
The company’s audit committee, with advice from Ernst & Young accountants, warned shareholders that the move could see £21m cut from the company’s previously reported net profits.
Tech Data announced on 21 March that the restatement will be needed to correct accounting errors that are likely to reduce operating income from $30m to $40m and consolidated net income from $25m to $33m over the three years.
The announcement also said...
About Rachael Power
Your friendly, neighbourhood community editor.