17th Feb 2020 14:20
(Alliance News) - Stockbroking and investment company Fiske PLC on Monday said it will restate revenue and profit figures for its last financial after an internal probe found it had underestimated net assets.
The company said its pretax loss for the year ended May 31 will be reduced by roughly GBP260,000 from the GBP642,000 it initially reported. This would give Fiske a loss for financial 2019 of GBP382,000.
Revenue, which came in at GBP4.3 million, and cost of sales, will also be restated, Fiske added.
The company explained: "Following its own internal audit process, it has identified an understatement of net assets for the financial year ended May 31, 2019. The understatement amounts to approximately GBP530,000, which represents roughly 7% of reported net assets of the company as at May 31, 2019. This amount has accumulated over a period from April 2016 due primarily to an over accrual of creditors and provisions.
"The misstatement arose through a change in an accounting process which affected the way in which data from the company's systems was interpreted for accounting purposes. Additional checks have been added to the internal review and audit processes which are designed to prevent such a recurrence."
Shares in the company were untraded in London on Monday afternoon, last quoted at 59.00 pence each.
By Eric Cunha; [email protected]
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