Directors of schools and retirement village owner Pembury Lifestyle Group say the struggling company has enough cash to survive for another year. Its auditors are concerned its weak financial position has put its future in doubt. On Thursday the group released its delayed financial results for the year to December with a net loss of R40.7m. Its current liabilities of R57.2m exceeded its current assets of R5.3m, said its auditor, Moore Stephens FRRS. Moore Stephens said “a material uncertainty exists that may cast significant doubt on the group and company’s ability to continue as a going concern”. “These matters further indicate that the group and company might be unable to realise their assets and discharge their liabilities in the normal course of business,” it said. But Pembury said its cash position was improving and the company was getting better at managing its creditors. Its current liabilities included the prepayment of school fees, which was worth R9.8m and provisions of ...

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