Troubled miner hires agency

AIM-listed coal and gold miner Cambrian Mining has brought in agency support days after being forced to reissue its accounts following action by the Financial Reporting Review Panel.

Cambrian: mining discrepancy with profits
Cambrian: mining discrepancy with profits
Cambrian's accounts to the year ending June 2006 did not comply with the Companies Act 1985. Revised accounts on the company's website show that revenues were £542,000, not £51.4m, and there was an operating loss of £4.6m, not a profit of £40m.

A £44.7m gain on the disposal of subsidiaries left profit after tax reasonably unchanged at £32.4m compared with £31m in the original accounts.

Investor relations specialist Bankside Consultants has been brought in to advise the firm, working alongside Cambrian investor relations adviser Scott Harris.

The review panel had said Cambrian's original 2006 reports contained 'a number of errors and failed to comply with international financial reporting standards'.

Cambrian announced Bankside's appointment at the same time as it brought in Seymour Pierce as joint broker alongside Landsbanki Securities.

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