Diligent annual profit slides 40 percent as restatement costs mount; shares hit four-month high

By Paul McBeth
Feb. 28 (BusinessDesk) - Diligent Board Member Services, the governance app software developer, reported a 40 percent slump in annual profit as the cost of restating its accounts overshadowed revenue gains after a series of accounting blunders.
Net profit fell to US$6.4 million, or 5 US cents per share, in calendar 2013 from US$10.7 million, or 9 US cents, a year earlier, the New York-based, NZX-listed company said in a statement. Revenue surged 66 percent to US$64.8 million from a revised down year-earlier figure. General an...
Subscribe to BusinessDesk
Stay informed on business, government and financial developments across New Zealand.
- Deeply researched, twice-edited and fact-checked news
- Annual subscribers also receive a complimentary subscription to The Wall Street Journal
- Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers
You can cancel anytime with two clicks, an email or a phone call.
Find out
more.
We are serious about journalism.
Yearly - (Save $179 compared to monthly)
$349.00
Monthly
$44.00
All subscriptions auto renew but are easy to cancel.
Not convinced yet?
Subscribe to our free 7am Headlines newsletter.
A quick summary of everything BusinessDesk has published in the previous 24 hours. No BusinessDesk
subscription needed.