COMPANY LOSES $33M

TWO directors of a listed Gold Coast company have resigned after questions were raised over the company’s financial reporting for the past three years.

BPS Technologies, which operates Bartercard and Entertainment Publications, posted a $33.2 million loss for the first six months of the financial year and its shares dropped last week from 48.5c to 29c.

GOLD Coast company BPS Technology has lost more than a third of its market value and two directors, including its chief financial officer, have resigned after questions were raised over the company’s financial reporting for the past three years.

The listed Southport company, which operates Bartercard and Entertainment Publications, told shareholders they expected to post an eye-watering $33.2 million loss for the first six months of the financial year.

The bulk of the loss springs from a $30.1 million

Bartercard co-founder Andrew Federowsky said despite the board changes, the company was on a sound footing.

“Iain is a new broom coming through and I have confidence in the business,” he said. “I bought 100,000 more shares today.”

Mr Federowsky said the cash from Entertainment Publications, which will start flowing through to company coffers in April, was reason enough to invest.

In FY17 the business generated $65.8 million in earnings.

Laura Newell of Boardroom Pty Ltd will replace Mr Wiese as company secretary.