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Square One restates numbers

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 03 May 2010

The audited figures show an improvement in earnings per share.

Last month, the company reported an earnings loss per share of 51.6c, compared with a gain of 0.2c in the previous year. Headline earnings per share improved to 2c, from 0.4c.

Turnover decreased by 63%, to R76.5 million, compared with 2008, mostly as a result of cutbacks in technology spend budgets by clients across the board in response to the major economic downturn from late 2008 to end-2009.

In the audited results published on Friday, the company reported a narrower earnings per share loss of 43.3c, while headline earnings per share were marginally lower at 1.7c.

Square One says the audited balance sheet differs materially from the previously published unaudited results, because of differences of interpretation between management and the auditors relating to the valuation of certain .

Related story:
Square One's profit turns to loss

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