Pan-European storage integrator Proact has posted a 13 per cent fall in quarterly revenues following its application of a new accounting standard.
Under the IFRS 15 standard, Proact has changed the way it recognises revenues from supplier guarantees and maintenance, and now spreads the revenues and costs over three years.
Proact has been applying the new standard since 1 January 2018 - the start of its fiscal 2018 - and revealed the change left a SEK 95m (£8m) dent in its Q1 revenues.
As a result, its revenues for the three months from January to March 2018 tumbled by 13 per cent year on year to SEK 759m, down from SEK 873m a year earlier.
Conversely, the accounting switch-up positively impacted the costs of goods and services Proact sold during the quarter. Consequently, Proact's pre-tax profit rose by four per cent to SEK 33.2m.
Proact is currently seeking a new CEO, following the resignation of Jason Clark in February, and revealed costs relating to its change in top executive stood at SEK 2.6m during the quarter.
NetApp partner Proact claims to manage over 100 petabytes of information in the cloud and have 3,500 customers. The Nasdaq Stockholm-listed firm now has 800 staff in 15 countries across Europe and North America.
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