Safeland PLC (SAF.L) reported profit before tax of 36 thousand pounds for the 6 months ended 30 September 2012, compared to a loss of 320 thousand pounds, as restated, last year. Profit for the period attributable to owners of the parent company was 104 thousand pounds comapred to a loss of 320 thousand pounds prior year. Profit per share was 0.01 pence compared to a loss of 1.90 pence last year.
Safeland noted that the results are not necessarily indicative that a profit will also be reported for the year ending 31 March 2013. Revenue decreased to 5.6 million pounds from 12.2 million pounds prior year.
On 11 October 2012, the company announced the discovery of a series of fraudulent transactions. Subsequently, on 12 November 2012, it announced the discovery of further fraudulent transactions. The aggregate amount of the sums lost to the company through fraudulent transactions is currently estimated to be approximately 1.7 million pounds. Of that sum, approximately 1.2 million pounds relates to the financial year ended 31 March 2012. The balance relates to the current financial year.
The Board will recruit a replacement finance director early in the New Year and is in the process of reviewing and implementing additional internal control procedures to protect against such events recurring in the future.
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