PracticeConsultingFuture Network overstates by £3m

Future Network overstates by £3m

Magazine and internet publisher Future Network, yesterday opened an investigation into an overstatement of more than £3m in its French results.

Deloitte & Touche discovered the errors in the last three years of the PricewaterhouseCoopers-audited accounts.

In a statement, Future – which publishes new economy magazine Business 2.0 and a number of IT titles – said it had retained Deloittes ‘to investigate an accounting irregularity identified by Future France SA, the group’s French subsidiary’.

CEO Greg Ingham said the first priority would be to ascertain the extent of the problem and then apportion the overstated revenues to the accounts of the years in question.

Future’s share price yesterday fell by more than 23% in response to the announcement.

The news will also embarrass PwC who had approved the results in question and because Deloittes has been asked to check all other parts of the business to assess the situation properly.

Links

Metacol FD goes after £1m errors

‘Overstated’ assets cause Britax share dive

Finance chief at leisure group quits over accounting errors

The Future Network

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