Air Partner Shares Fall On GBP3 Million Accounting Error

3rd Apr 2018 09:19

LONDON (Alliance News) - Shares in Air Partner PLC fell early Tuesday, after the aviation services company said it has identified a GBP3.3 million accounting error.

Shares in Air Partner were down 19% at 116.00 pence.

Following internal investigations, the issue is related to the collection of recievables from customers and accounting for uncollected amounts since financial year 2010/11, the company said. Principally, certain uncollected receivables were inappropriately offset against deferred income rather than being expensed to the income statement in the appropriate financial year.

The company stressed this is a "non-cash item and has no bearing on cash balances" and that at "no point was a customer, operator or supplier impacted or disadvantaged". Further, the company "continues to maintain a strong net cash position".

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Related Shares:

AIR.L