Link restates results after ASIC audit

The news: Financial services firm Link Group has restated its half and full-year results for 2023 after an audit by the corporate watchdog raised questions about the company's accounting. An ASIC audit took issue with the stated carrying value of Link's UK and Ireland businesses, which were sold to Waystone Group in a deal completed after the publication of the group's annual results.

The numbers: Following the amendments, Link's half-year statutory loss was updated from $410.1 million to $460.5 million (+$50.4 million), while the group's full-year loss came down by $168.8 million from $417.7 million to a restated $248.9 million. Link's estimated gain from the sale for FY2024 is now $94.6 million, a reduction of roughly the amount as the loss adjustment for its FY2023 results at $168.6 million.

The context: In a statement, Link said the deal remained uncertain when it released its half-year results in February 2023 and, since the sale was not finalised until after the publication of full-year results in August, it had intended to recognise sale proceeds in FY2024's financial statements.