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 auditor have reported that it has not been possible, so far, for them to determine that all material errors and omissions arising from historic transactions have been identified.
“The directors have provided the Committee with an undertaking to keep it informed and make such corrections as may be necessary.”
Among many issues Quindell came under scrutiny for revenue recognition related to claims management. This has been corrected, cutting 2013 revenue by £109m and profit after tax by £130m.
Quindell’s other major issue was the accounting related to the acquisition of the company by Mission Capital. This has too has been corrected, to be accounted for as a reverse acquisition.
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