Broker reveals revenue and profit overstated by over £800,000
Allanfield Group has overstated its revenue and profit before tax for the financial periods ended December 2010 and 2011, and the six months ended June 2012.
The directors have estimated that this amounts to an overstatement of approximately £240,000 in 2010, £400,000 in 2011 and £195,000 in the first half of 2012.
According to a statement made by the real estate broker to the London Stock Exchange, the overstatement “relates to introducer fees payable not being correctly charged to the profit and loss account”.
The group reported a revenue of £2.28m for 2011, a 51% increase on the £1.51m revenue reported in 2010, and revenue of £2.1m for the first
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