Uvenco warns on exceptional costs

Uvenco issued a warning to the market on Friday, that some costs in its accounts for the year to 31 March might have more of an impact than first thought.

The AIM-traded firm said that costs that had previously been categorised as exceptional items and stricter accounting policy interpretations may now increase expected overhead expenditure.

“Whilst this will impact EBITDA for the year ended 31 March 2016, the results are expected to remain considerably ahead of FY15,” Uvenco’s board said in a statement.

“For the current financial year EBITDA improvement has continued over the first quarter,” it added.

Uvenco said the audit process is progressing and it expects to announce its audited final results for the year ended 31 March 2016 towards the end of September, when a further update on trading will also be provided.