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PwC hit with fine over audit

PricewaterhouseCoopers (PwC) has been fined by the Financial Reporting Council (FRC) to the tune of £5.1m, due to mismanagement in (more…)

Toshiba off hook as PwC happy with accounts

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BT sees 42% fall in pre-tax profit

BT declared a significant 42% decrease in before-tax profit during is financial year’s Q1, and The Independent has reported that settlements made during an accounting scandal from earlier in 2017 affected the figure.

BT reported Q1’s before-tax profit decreased to £418m, which was far under the £751mn average estimate, suggests Reuters. Further, basic earnings per share decreased by 51% to 2.9p.

BT reported in January that it had discovered £530m in overstated earnings related to its Italian arm. It had recently said, however, that a settlement had been made with Orange in France and Deutsche Telekom in Germany relating to the scandal.

The news of BT’s accounting blunder erased £8bn of its share price in early 2017.

Outside of the one-time charge, BT’s numbers for Q2 were solid, while core earnings and revenue were largely as expected. Gavin Patterson, chief executive, said:

“BT has delivered an encouraging performance in the first quarter of the year,” said chief executive officer Gavin Patterson.

“We’ve made good progress in our key areas of strategic focus: deliver great customer experience, invest for growth, and transform our costs. In particular, I’d highlight the growth achieved by our consumer facing businesses, helped by mobile.”

Accounting can be a fragile activity, especially when business owners attempt to do it themselves. That’s why employing the services of an accountant in the Wirral is smart advice for any company. When mistakes are made, it can lead to settlements and significant earnings, as well as other consequences any business would wish to avoid.

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