The company reported a loss before tax for the six months to July of pounds 7.1m, down from a profit of pounds 776,000 for the same period last year. The City had expected a first-half profit of pounds 2m.
Hi-Tec stressed its continuing operations made pounds 1m profit. Some pounds 5m of the loss was due to goodwill write- offs on the disposal of Cofex, a loss- making fashion subsidiary.
Hi-Tec said it sacked its auditor in line with 'best practice', having had the same auditor for eight years. However, a spokesman for KPMG said there was no such 'best practice', and suggested the change was probably due to a lower fee quote from Touche Ross. Hi-Tec denied the change had anything to do with fees.Reuse content