Good morning, it's Paul here!

I'm back from a week's holiday on the west coast of America, which was interesting & enjoyable. If you think we've got a homelessness problem in the UK, then you should visit San Francisco - where the scale of the problem is unbelievably bad, and very sad to observe. All that wealth, yet thousands of people have just been abandoned, to live miserable & squalid lives on the streets.

Many thanks to Graham for doing a sterling job last week, which gave me a chance to have a rest from the markets.

It looks to be a quiet day today. So far I have the following on my list to review;

Air Partner (LON:AIR) - accounting issues
Renew Holdings (LON:RNWH) - trading update
Flybe (LON:FLYB) - trading update
Hornby (LON:HRN) - trading update

So I'll get cracking on those now.

IQE (LON:IQE) - I've just seen the tragic news that its Finance Director, Phillip Rasmussen, has died following a cycling accident abroad. He presented at a Mello evening a couple of years ago. His presentation was an absolute masterclass in how to explain complex subject matter with amazing clarity. Our condolences go to his family, friends & colleagues.

Air Partner (LON:AIR)

Share price: 113.25p (down 21.1% today, at 08:39)
No. shares: 52.2m
Market cap: £59.1m

Year end update (accounting problem)

A reader has asked me to try to explain today's announcement in plain English.

A problem has emerged during the audit of its figures for year ended 31 Jan 2018;

The Board of Air Partner has identified, during the course of its year-end review process, an issue predominantly relating to its accounting for receivables and deferred income.
Following preliminary investigations, the issue principally relates to the collection of receivables from customers and accounting for uncollected amounts since financial year 2010/11.

Certain uncollected receivables were inappropriately offset against deferred income rather than being expensed to the income statement in the appropriate financial year.

This is a non-cash item and has no bearing on the Company's cash balances.

This seems to be…

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