March 12, 2020 / 7:30 AM / 3 months ago

Builder Galliford told to restate construction contract revenues

LONDON, March 12 (Reuters) - Construction company Galliford Try plc overstated its revenues in 2018 and its accounts have been restated, Britain’s audit watchdog said on Thursday.

The Financial Reporting Council (FRC) said it had raised a number of issues with the company, including the recognition of revenue on construction contracts, and the classification of certain cash flows in its cash flow statement.

“The FRC found that Galliford Try overstated its revenue in 2018, which the company has now corrected,” said David Rule, the FRC’s executive director of supervision.

“We will continue to hold companies to account when they do not comply with the requirements of relevant financial reporting standards,” Rule said.

Galliford had no immediate comment.

Reporting by Huw Jones, editing by Sinead Cruise

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