Brief: Fiske Says Has Identified Understatement Of Net Assets For FY Ended 31 May 2019

Fiske

17/02/2020 12:33

Feb 17 (Reuters) - Fiske PLC  FKE.L :
    * POSITIVE RESTATEMENT OF ACCOUNTS
    * HAS IDENTIFIED AN UNDERSTATEMENT OF NET ASSETS FOR
FINANCIAL
YEAR ENDED 31 MAY 2019
    * UNDERSTATEMENT AMOUNTS TO APPROXIMATELY £530,000, WHICH
REPRESENTS CIRCA 7% OF REPORTED NET ASSETS OF COMPANY AS AT 31
MAY 2019
    * UNDERSTATEMENT AMOUNTS TO ABOUT £530,000, WHICH REPRESENTS
CIRCA
7% OF REPORTED NET ASSETS OF COMPANY AS AT 31 MAY 2019
    * CONFIRMS THAT THERE IS NO IMPACT ON COMPANY'S CASH
POSITION NOR
IS THERE ANY IMPACT ON CLIENT MONEY OR ASSET POSITIONS OF ITS
CLIENTS.
    * EXPECTED THAT LOSS BEFORE TAX FOR YEAR TO 31 MAY 2019 WILL
BE
REDUCED BY ABOUT £260,000
    * MISSTATEMENT DUE TO CHANGE IN ACCOUNTING PROCESS AFFECTING
WAY
IN WHICH DATA FROM ITS SYSTEMS WAS INTERPRETED FOR ACCOUNTING
PURPOSES
    * UNDERSTATED AMOUNT HAS ACCUMULATED OVER A PERIOD FROM
APRIL 2016
DUE PRIMARILY TO AN OVER ACCRUAL OF CREDITORS AND PROVISIONS

Source text for Eikon:  ID:nRSQ2359Da 
Further company coverage:  FKE.L 

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