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Aggregated Micro Power reiterates fiscal 2019 guidance but restates 2018's earnings

A review of the Wood Fuels business's accounts for fiscal 2018 has uncovered a few unwanted items in the woodpile

Timber and lumber
The Wood Fuels division has been significantly overhauled

Clean energy firm Aggregated Micro Power Holdings PLC (LON:AMPH) has reaffirmed guidance for the year to the end of March 2019.

In a trading update, it revealed that earnings for the preceding year, however, would be restated.

AMP said that following the appointment of a new finance director for the Wood Fuels business, a review into stock balances had uncovered some stock movement anomalies while a number of purchases were incorrectly accounted for.

The upshot is that the aggregate adjustment to retained earnings for the year to the end of March 2018 is likely to show a negative impact of £4.7mln, reflecting an increase in the cost of sales and therefore a reduction in gross profit for the 2018 financial year with the majority relating to a reduction in the value of inventories as at 31 March 2018.

The restated net assets as at 31 March 2018 will be of the order of £13.3mln and the net assets as at 31 March 2019 will be of the order of £23.8mln.

As at the end of March this year, the company had net cash of £0.5mln compared to net debt of £6.8mln a year earlier (excluding invoice discounting).

"Our Wood Fuels business has been through a very difficult integration of several businesses resulting in the restatement relating to the financial year ended 31 March 2018. Whilst this is exceptionally disappointing, we now believe these issues are firmly behind us,” said Richard Burrell, the chief executive of Aggregated Micro Power.

“Urban Reserve is going from strength to strength and IncubEx continues to benefit from the growth in environmental markets and the perceived value in global trading platforms,” he added.

Shares in AMP were down 2.0% at 72p.

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