Downer EDI Limited has announced that accounting irregularities in its Australian Utilities business have resulted in an overstatement of pre-tax earnings in the order of $30 - $40 million.
This has caused the company to downgrade their NPATA guidance for the 2023 financial year.
Further, difficult weather conditions and elevated cost to serve issues have affected the first quarter, leading to a revised forecast of underlying FY 23 NPATA to be between $210 - $230 million.
A conference call will be held on Thursday 8 December to discuss the announcement.
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