Fronde annual sales fall for second year, restates 2016 earnings

Mon, 19 Jun 2017

By Jonathan Underhill June 19 (BusinessDesk) – Fronde Systems Group posted a 13 percent fall in full-year revenue, the third straight annual decline, but was able to record a gain in earnings before tax after restating its 2016 results following a change in the accounting treatment of its investment in its Australian business. Revenue dropped to $50 million in the 12 months ended March 31 from $57.4 million a year earlier, the Wellington-based company said. Profit before tax was $1.43 million from a restated $860,000 a year earlier. I...

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