Forager's take on GXL accounting, page-2

Ugh, it's always easier to see these things in hindsight - the funny accounting decision was set out in the HY numbers for all to see. A good article, thanks for the post.

This explains why they need to take a hit to underlying EBITDA for the onerous lease reversal which would otherwise sound more like a one-off. They had already accounted for the onerous lease provision to increase their statutory underlying EBITDA in their half yearly! Essentially, they had previously been misrepresenting their profitability.