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Technology One rejects 'false and misleading' claims about its profit

Business

Brisbane’s Technology One has rejected claims it overstated its profit by as much as 200 per cent.

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The claims have been made by GMT Research, a Hong Kong-based company which claimed TNE artificially created growth and overstated its 2019 profits of $76 million.

TNE said GMT spent only 30 minutes with the company.

“So we are very surprised _ with their limited knowledge _ that they would have published a report in the first place and more importantly without verifying the accuracy of the report with us,” the company said.

It said the claims were false and misleading.

“Technology One unreservedly stands 100 per cent behind our audited accounts as being a true and accurate reflection of our business over the last 21 years,” it said in a statement to the ASX.

“Technology One will refer this matter to the Australian Securities and Investment Commission.

“Technology One has provided guidance for the full year and remains committed to this guidance.”

GMT has previously made similar claims against Treasury Wines.

 

 

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