Computer firm iSoft posts £382m loss

The firm at the heart of the troubled British National Health Service computer upgrade posted net losses of £382.2m (€564.3m) today as it counted the cost of a “turbulent” year.

Manchester-based iSoft, which said yesterday it was the subject of an accounting investigation by the financial services watchdog, racked up the figure after writing down the value of a major acquisition it made in 2004.

A change in accounting policies has also meant £174m (€257m) of revenues booked since 2003 will now be realised in future years.

The company was able to publish the results today – the deadline for their release – after banks extended current lending facilities into next year.