Brunel says results overstated, makes Q4 adjustments
AMSTERDAM, March 1
AMSTERDAM, March 1 (Reuters) - Dutch staffing firm Brunel said on Friday it had found its financial results were overstated in the Americas in 2011 and 2012, forcing it to adjust its results in the fourth quarter.
"The overstatement for the full year amounted to revenue of 16.8 million euros and EBIT of 9.7 million euros," Brunel said in a statement.
As a result, earnings before interest and taxes (EBIT) in the fourth quarter of last year was 8.7 million euros, down 56 percent from the same period in 2011.