Insurance tech company’s restatement turns 2013 profits into £68m loss after watchdog’s review.
Restatements by Quindell, the insurance technology provider, have turned profits of £83m for 2013 into a £68m loss.
The restatements follow a review of annual reports by watchdogs on the conduct committee of the Financial Reporting Council (FRC).
The restatements for 2013 come in the annual report for 2014 published today. The adjustments also mean net assets cut from £668m to £446m.
It has also emerged that not all the faults in the company’s financials may have been found.
The FRC said: “The Committee notes that the directors and
For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda