Air Partner PLC (LON:AIR), the corporate aircraft charter specialist, has become the latest company to see its share price tumble after uncovering accounting irregularities.
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.
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Air Partner noted that this is a non-cash item and has no bearing on the company's cash balances.
The company’s current best guess is that the impact will be around £3.3mln.
Shares in the company were down by about one-fifth at 116p in mid-morning trading.