Manganese Bronze Hldgs PLC Delay to Half-Year Results Announcement (9515J)
14 8월 2012 - 3:30PM
UK Regulatory
TIDMMNGS
RNS Number : 9515J
Manganese Bronze Hldgs PLC
14 August 2012
Manganese Bronze Holdings PLC
14 August 2012
Delay to Half-Year Results Announcement
Further to its announcement of 19 July 2012, Manganese Bronze
Holdings PLC ("the Group") announces that it is delaying the
release of its unaudited half-year results for the six months ended
30 June 2012 from 20 August due to the need to restate prior years'
financial results because of accounting errors that have come to
light. The half-year results will be announced on or before 24
September 2012.
In August 2010 the Group introduced a new integrated IT system
to help to manage the increasingly complex global supply chain and
uploaded the closing general ledger balances from the previous IT
system. Due to a combination of system and procedural errors, a
number of transactions relating to 2010 and 2011 and some residual
balances from the previous system were not properly processed
through the new IT system. This problem led to the over-statement
of stock and under-statement of liabilities in the financial
statements of previous years. The cumulative effect of these errors
is an estimated GBP3.9m understatement of historical losses which
go back over several years although the work to apportion the loss
between previous years is not yet complete. In accordance with the
provisions of IAS 8, the balance sheet at 31 December 2011 and the
financial results for 2011 and prior years will have to be
restated.
Trading in the first seven months of the year has been difficult
and remains challenging with the Group continuing to trade at a
loss. As announced on 17 May 2012, sales for the first half were
lower than in the comparative period in 2011 and the Group
currently expects to report net losses for the first half that are
substantially higher than reported last year. The Group is
expecting higher sales in the second half but does not know at this
stage if results for the full year will be in accordance with
market expectations.
As at 30 June 2012, the Group had GBP2.8m of headroom on its
agreed banking facilities and continues to enjoy the ongoing
support of its bankers and Geely.
For further information, please contact:
Manganese Bronze Holdings PLC
John Russell, Group Chief Executive Tel: +44 (0) 24 7657 2108
Peter Johansen, Group Finance Tel: +44 (0) 24 7657 2214
Director
FTI Consulting
Nick Hasell Tel: +44 (0) 20 7269 7291
Grant Thornton UK LLP
Colin Aaronson/Melanie Frean Tel: +44 (0) 20 7383 5100
This information is provided by RNS
The company news service from the London Stock Exchange
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