Air Partner has released a statement claiming that the total cumulative impact for the accounting error between the financial years ended July 31, 2011 and January 31, 2018 will not exceed GBP4 million (USD5.7 million).
The UK-based charter broker announced last week that it had identified an issue regarding its accounting for receivables and deferred income in previous results.
PricewaterhouseCoopers LLP (PwC) and Rosenblatt Solicitors have been appointed to provide independent accounting and legal support as part of a review into the error. The two firms have been given full and unencumbered access to staff, records, and systems, to ensure they are able conclude the review as quickly as possible.
Although Air Partner has claimed that the total impacting amount should not exceed GBP 4 million (USD5.7 million), it has stated: "the final figure will be confirmed to the market upon completion of the review."
Chief financial officer, Neil Morris, has offered his resignation to the board of Air Partner. Morris will remain available to the company to contribute to the ongoing review.
Air Partner is reviewing candidates for the position of interim chief financial officer that are able to take on the role immediately. The company will be working with an external recruitment consultancy to assist in the search process for a permanent chief financial officer.
Having collapsed to a value of 67.47p earlier this week; the company's share price had recovered and was trading over 100p during trading on the London Stock Exchange today (Friday April 13, 2018).