IncentiaPay Limited announcement an update to the financial accounts for the six month period ended December 31, 2017. The company reported that in the process of preparing the fiscal year 2018 accounts it has been identified that the December 31, 2017 half year Underlying EBITDA was overstated by $3.5 million. The company had previously reported Underlying EBITDA of $2.6 million after adjustments of $3.0 million the company now reports that the Underlying EBITDA for the first half ended December 31, 2017 is at negative $0.4 million. The company's previously reported EBITDA was at negative $33.2 million after adjustments of $3.5 million the company now reports that the Reported EBITDA for the first half ended December 31, 2017 is at negative $36.7 million.

The company reported that trading in the second half of fiscal year 2018 has been broadly in line with previous forecasts. This turnaround is the result of an ongoing focus on the execution of the restructuring program. As a result of the above, the Company expects the second half result to be broadly in line with prior guidance.

The company therefore expects to deliver a fiscal year 2018 Underlying EBITDA profit of $1.0 million - $2.0 million, subject to finalisation of the audited full year accounts.

The company expects fiscal year 2019 underlying EBITDA of $9.0 million ­ $11.0 million.