Air Partner shares tumble

The Air Partner share price has continued to fall this week after the air charter broker announced on Tuesday a GBP3.3 million (USD4.64 million) accounting error dating back seven years.

The group's value on the London Stock Exchange fell from a March 29 close of 143 pence (200.9 cents) per share to 112.38 pence (157.84 cents) after the investor update was initially made and has continued to fall, standing at 99.6 pence (139.9 cents) at 12:00 GMT today (April 5).

The official statement said: "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."

 

www.airpartner.com

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