Broker must restate accounts over “advanced commission”
Manchester broker CBG Group says it will restate its results in September because of errors accounting for Close Premium Finance advance commission.
“The half year results will contain a detailed disclosure of a restatement of the half year results for the six month period ended 30 June 2009 as a result of an incorrect accounting treatment of advance commission received pursuant to the agreement reached with Close Premium Finance dated 29 May 2009,” it said.
“This restatement of the period is necessary to enable a like for like comparison of trading and to report the interim results in line with the accounting treatment of the advanced commission for the full year. No adjustments are necessary to the audited financial statements for the year ended 31 December 2009.”
CBG will produce the revised figures on 14 September 2010. It said it was “confident of achieving a satisfactory result for 2010”.
Mike Askew, group managing director, said: "The indications are that this year will be another tough year for our industry and we will continue to do the right things for the success of the Group and the delivery of longer term shareholder value."