Frontier Smart Technologies Grp Ltd Notification re discontinued business (5312E)

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RNS Number : 5312E

Frontier Smart Technologies Grp Ltd

09 May 2017

 
 For immediate release   9 May 2017

Frontier Smart Technologies Group Ltd

('Frontier' or the 'Group')

Notification re discontinued business

Frontier (AIM: FST), announces that in the last week, as part of an internal reforecasting exercise, the Board has become aware that an intercompany debtor of GBP1.67 million recorded in the balance sheet at 31 December 2016 should have been provided against as part of the disposal of the Healthcare business.

Had this provision been taken, the loss from discontinued operations would have been disclosed as GBP15.84 million rather than the loss of GBP14.17 million included in the accounts. This charge is not a cash item and the Board do not consider this anticipated adjustment to be material in the context of the 2016 accounts and the discontinued business. Furthermore, there is no impact on the profits or cash of the continuing Consumer Audio business. The precise accounting treatment will be determined during 2017.

- Ends -

For further enquiries:

 
 Frontier Smart Technologies                       +44 (0) 20 
  Group Ltd                                         7391 0630 
 Anthony Sethill, Chief Executive 
  Officer 
 Jonathan Apps, Chief Financial 
  Officer 
 
 Peel Hunt LLP (Nominated Adviser                  +44 (0) 20 
  and Broker)                                       7418 8900 
 Richard Kauffer/ Euan Brown 
 
                                                   +44 (0) 20 
 Buchanan (Financial PR)                            7466 5000 
 Henry Harrison-Topham/ Steph             FST@buchanan.uk.com 
  Watson

About Frontier Smart Technologies

Frontier is a pioneer in software and hardware technologies for Digital Audio devices. The Group has one operating division, Frontier Silicon, which provides solutions for Digital Radio and Smart Audio devices.

Frontier was founded in 2002. Customers include many leading consumer audio brands: Bose, Bowers & Wilkins, Denon, Grundig, harman/kardon (JBL), Onkyo, Panasonic, Philips, Pioneer, Pure, Roberts, Sony, TechniSat, Yamaha, and many more.

The Group is headquartered in London, with engineering, sales and operations teams in Cambridge, Timisoara (Romania), Hong Kong, and Shenzhen. Please visit http://www.frontiersmart.com/

This information is provided by RNS

The company news service from the London Stock Exchange

END

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