9th Oct 2019 12:02
(Alliance News) - AIM-listed renewable energy supplier Good Energy Group PLC said Wednesday it misclassified cash & cash equivalents in interim results, but stressed this will not impact total net assets.
In mid-September, when Good Energy released interim results, the company said it ended the first half with GBP21.4 million in cash & cash equivalents. On Wednesday, however, Good Energy said this was off by GBP4.9 million due to a "misclassification".
At September 30, the company's cash balance stood at GBP20 million, in line with management expectations.
"The misclassification was due to the timing of payments during the normal course of business. Despite there being no impact on the total net asset position, the board of Good Energy has decided this announcement is the most prudent and transparent course of action," Good Energy explained.
The company added: "Good Energy confirms there is no impact on either the total net asset position, nor on earnings, and management's view of the current financial performance of the business and financial outlook is unchanged."
At June 30, Good Energy recorded total assets of GBP127.3 million and total current assets of GBP65.1 million.
For the six months ended June, Good Energy's pretax profit widened 4.2% to GBP2.5 million from GBP2.4 million the year prior. This was after revenue rose 2.8% to GBP63.5 million from GBP61.8 million the year before.
Shares in Good Energy were 2.3% lower in London on Wednesday at 149.55 pence each.
By Paul McGowan; [email protected]
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