LONDON (ShareCast) - (Sharecast News) - Investment manager Fiske said on Monday that, following its own internal audit process, the group had identified an understatement of net assets for the year ended 31 May 2019.
Fiske said the understatement amounted to approximately ?530,000 - which represents roughly 7% of reported net assets at the end of the trading year.

The AIM-listed group said the amount had accumulated over a period beginning April 2016, due primarily to an over accrual of creditors and provisions.

Fiske assured investors that there was no impact on its cash position nor was there any impact on the positions of its clients.

The firm added that the comparative figures for revenues and cost of sales for the six months ended 30 November 2018 and for the year ended 31 May 2019 would be restated in its forthcoming interim report and as a consequence, it expects that the loss before tax for the prior year will be reduced by approximately ?260,000.

As of 1335 GMT, Fiske shares were flat at 59p.

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