12th Sep 2019 14:04
(Alliance News) - Aggregated Micro Power Holdings PLC on Thursday reiterated its revenue guidance for financial 2019 but said it will restate certain figures for previous financial 2018 year.
In April, the company guided revenue of GBP50.0 million for the year ended March 31, 2019. It also predicted a loss before interest, taxes, depreciation and amortisation of GBP1.3 million for the recently-ended financial year.
For restatement of financial 2018 results, the company blamed overstatement of certain stock and inaccurate reporting in regards to depot closure.
The renewable fuels provider said stock overstatement was due to "systems incorrectly accounting for stock movements around the 2018 year end with certain costs incorrectly being capitalised".
Aggregated also attributed the restatement to a account processing backlog resulting in an understatement of accruals and goods received.
Aggregated Micro said net assets at March 31, 2018 will now be reported as GBP13.3 million, down GBP4.7 million from GBP18.0 million.
For financial 2019, the company said net assets stood at GBP23.8 million, up 79% year-on-year.
Shares in Aggregated Micro were 0.4% higher at 73.80 pence each in London on Thursday afternoon.
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