So it seems like they've been overstating emite contracted ARR by 15-30%. A few things:

• It shouldn't read as a benign "Changes to...", it's really "Restatement of Errors..."
• Another reminder that you need to put a significant discount on unaudited figures
• While I don't think there's anything nefarious going on, it is at best clumsy (and some less generous adjectives come to mind). Just because it's unaudited doesn't give them a leave pass. It's a key metric and they're not so big that it's a huge job to scan the list by customer and work out what shouldn't be there.
• Understandably the SP is down over 20% at time of writing, though my thesis is based less on the absolute ARR numbers and more on the direction and rate of change, combined with their ability to generate cash ahead of earnings. An opportunity? Maybe, but I think I'll wait to see H1 results - I've been wanting to see higher Snare ARR (not impacted by this announcement) convert to revenue.
• Management has a job to win back trust. As part of that it might have been helpful to bring forward a broader YTD update, which they usually do at their AGM anyway.
• It's worth noting Prophecy are using contracted ARR rather than ARR. This is well explained by Nick Maxwell here.

[Held]