Castlepoint funds take unexpected hit
CTD recently released updated financial information following a detailed review of its accounts for the period 2021 to 2025. This restatement follows an independent investigation conducted by KPMG at the company’s request, which identified errors in the recognition of revenue and expenses within CTD’s European division.
The findings revealed that certain revenue had been recognised in CTD’s European operations between 2021 and 2025, which should not have been recorded at that time. As a result, some of its clients will need to be refunded, creating a cash impact, rather than being a minor timing issue as previously indicated.
CTD entered a trading halt in August to allow time for a thorough assessment before releasing restated financial accounts. Whilst the review has not yet been completed, the company recently acknowledged that the findings are more serious than initially expected.
Castlepoint have written its CTD positions down by 65%.
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