Stamp collector Stanley Gibbons reports a £29m loss from accounts errors 



Stamp collector Stanley Gibbons has reported a £28.9million full-year loss after a series of fundamental errors in the company's accounts.
In a lengthy confession entitled What Went Wrong, the rare stamp merchant admitted, among other things, it had failed to properly integrate the business and over-invested in an internet platform with no real chance of a return.
A review by auditors BDO uncovered mistakes in the way the group reported revenues from the sale of investment plans in its stamp trading arm.
Chief executive Harry Wilson said the business had gone 'badly adrift' under previous... read more

 
3 October 2016 in Business, Views: 86
Source: Daily Mail
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