Phoenix IT's profits hit by accounting black holes

Information technology services provider Phoenix IT has uncovered the mis-statement of a number of accounting balances within its Servo division and its subsidiaries over a number of accounting periods.

Information technology services provider Phoenix IT has uncovered the mis-statement of a number of accounting balances within its Servo division and its subsidiaries over a number of accounting periods.

Early signs indicate that certain control processes within the finance function at Servo's Birstall site in Leeds have been repeatedly and deliberately circumvented.

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