SAI Global: Result 2013

SAI Global has bowed to the inevitable and written down the value of its Compliance division by $86m. On its own this wouldn’t be a worry because the problems were already well known (see, for example, in SAI’s post-binge indigestion on 11 Apr 13 (Hold – $3.59)). But the timing of the announcement – just a day before the company’s results – is a greater concern, suggesting it might have been more the auditor’s idea than management’s. On an underlying basis, net profit fell 5% to $42.4m and earnings per share fell 8% to 24.4 cents, on revenue that...

SAI Global has bowed to the inevitable and written down the value of its Compliance division by $86m. On its own this wouldn’t be a worry because the problems were already well known (see, for example, in SAI’s post-binge indigestion on 11 Apr 13 (Hold – $3.59)). But the timing of the announcement – just a day before the company’s results – is a greater concern, suggesting it might have been more the auditor’s idea than management’s.

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