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Clerical errors at iiNet

PERTH ISP iiNet has revealed that forecasting and clerical errors will significantly impact its 2005-06 result, the first hint of explanation for the trading halt announced almost two weeks ago, which remains in force. Managing director and founder Michael Malone told WA Business News the issue revolved around business performance rather than administration. He said forecasting models proved to be wrong, which, when combined with clerical errors, had disguised the lack lustre performance. Mr Malone confirmed that the Western Australian pioneer internet service provider’s financial performance in the March quarter had been well below expectations, and subsequently its expected 2006 financial year EBIT will be significantly lower than previously announced to the market.

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