Geong International Limited Audit Update

 
TIDMGNG 
 
GEONG International Limited 
 
                          ("GEONG" or "the Company") 
 
                                 Audit Update 
 
 
GEONG International Limited (AIM: GNG), the AIM listed, Beijing based, provider 
of content management software and solutions, provides the following update on 
its results for the year ended 31 March 2015 as a result of the ongoing audit 
process. 
 
As announced on 14 September 2015, the Company is reviewing the recoverability 
of its trade debtors and accrued income and believed at that stage that it was 
likely that a material provision would be made against these. The Company has 
now completed further work on this area and believes that the provision will be 
in the order of GBP12m. In conjunction with the review of accrued income and 
trade debtors the Directors have also reviewed the amounts of accrued revenue 
to be recognised for the current year and now believe that it is inappropriate 
to recognise certain amounts with respect to one particular customer. As a 
consequence revenue is now expected to be circa GBP5.8m. 
 
The balances stated above remain subject to the audit process and the Directors 
are making every effort to ensure that this process is completed by 30 
September and the audited accounts are posted to shareholders in accordance 
with AIM Rule 20 by this date. 
 
As previously announced the GBP1 million of CULS are due for repayment on 30 
September and it is the Directors' current intention to seek an extension to 
this date as they have previously done. Discussions with respect to this are 
ongoing with Hanafin International Limited. 
 
Further announcements will be made in due course. 
 
For further information, please contact: 
 
 
GEONG International Limited                  www.geong.com               Tel: 
[phone] 
Henry Tse, Chairman 
Weidong Wang, CEO 
 
 
Nomad and broker 
finnCap 
               Tel: [phone] 
Stuart Andrews 
Jonny Franklin-Adams 
 
 
About GEONG International Limited 
 
GEONG is recognised as a leading independent Internet software solutions 
provider and operator for large enterprises in China. 
 
Registered in Jersey, the Company's operations are headquartered in 
Beijing,China. GEONG International Ltd. (GEONG or the Company) has been quoted 
on the London Stock Exchange (LSE AIM: GNG.L) since June 2006. The Company has 
since transformed from an ECM (Enterprise Content Management) software and 
service centric business to an internet business centric company. 
 
GEONG is an internet solutions and service software company managed by a 
worldclass management and professional team who collectively own 26% of the 
business. The Company's mission is to help its clients to improve their 
business efficiency and customer satisfaction through smarter internet 
applications. 
 
For more information, please visit www.geong.com 
 
 
 
END 
 

(END) Dow Jones Newswires

September 28, 2015 03:49 ET (07:49 GMT)