PracticeConsultingWeb firm overstates figures.

Web firm overstates figures.

E-district's board of directors has also suspended chief executive Steven Laitman after discovering figures for registered users, page impressions and revenues were 'substantially overstated'.

The company said it was not clear over what period the overstatement occurred, ‘but it could include all of 2000’. Auditor PwC said it could not comment on client affairs.

The company reported a turnover of £1m interim results and a pre-tax loss of £67,646 compared to a profit of #25,106 in the previous year.

E-district also reported an increase in administrative, sales, marketing, platform, and development expenses.

In December, the company said it had 3.4m users and in June, reported 2.1m users, up from 1.1m during the first six months of 1999.

The company floated shares at 195p on the Alternative Investment Market in March but has lost £70m of its market value since listing.

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