Home shopping firm Findel has said its full-year profit will be reduced by £6.4m after it found accounting errors in its education division.
The retailer said in a statement today: “The review of the education division completed by new divisional management in conjunction with the company’s auditors has led to a revision of the estimates provided in the announcement on 29 March 2010.”
It said for the year ending April 3, 2009, it is estimated to have reduced pre-tax profits by £6.4m, and to have reduced net assets by £20.6m. There is no impact from the review on the profit expectations for the year ended 2 April 2010.
No material issues have been identified in any of its other divisions following the review by KPMG, Findel added.