Credit Intelligence Limited (ASX: $CI1) Profit Warning Update

Credit Intelligence Limited (ASX: $CI1) has issued a profit warning for the twelve months ending 30 June 2024 ('FY24'). The unaudited consolidated financial statements for the period from 1 July 2023 to 31 May 2024 revealed a loss of approximately A$1.8m, compared to a loss of A$1.5m in the corresponding period. The increase was primarily attributed to the impairment loss recognized during the half-year ended 31 December 2023 on the carrying amounts of the goodwill recognised on the acquisition of the relevant cash-generating units of approximately A$9.4m, and the loss incurred by the business segments of Singapore and Hong Kong. The Board expects the FY24 results to be finalized in August 2024. It's important to note that the financial information contained in this announcement is based on a preliminary assessment by the Board and has not been reviewed/audited by the independent auditors and audit committee of the Company, and therefore, could be subject to change.

Executive Commentary on Profit Warning

The Company's unaudited loss for the period is primarily attributed to the impairment loss recognized during the half-year ended 31 December 2023 on the carrying amounts of the goodwill recognised on the acquisition of the relevant cash-generating units of approximately A$9.4m, and the loss incurred by the business segments of Singapore and Hong Kong. The Board expects the FY24 results to be finalized in August 2024. It's important to note that the financial information contained in this announcement is based on a preliminary assessment by the Board and has not been reviewed/audited by the independent auditors and audit committee of the Company, and therefore, could be subject to change.

Summary of Credit Intelligence's Profit Warning

Credit Intelligence Limited (ASX: $CI1) has issued a profit warning for FY24, citing an unaudited loss of approximately A$1.8m for the period from 1 July 2023 to 31 May 2024. The increase in loss was primarily attributed to the impairment loss recognized during the half-year ended 31 December 2023 on the carrying amounts of the goodwill recognised on the acquisition of the relevant cash-generating units of approximately A$9.4m, and the loss incurred by the business segments of Singapore and Hong Kong. The Board expects the FY24 results to be finalized in August 2024. It's important to note that the financial information contained in this announcement is based on a preliminary assessment by the Board and has not been reviewed/audited by the independent auditors and audit committee of the Company, and therefore, could be subject to change. The Company also highlighted the presence of forward-looking statements in the announcement, emphasizing the uncertainties and risks associated with such statements.