Advanced Power overstated inventories

14th Oct 2010 12:04

Shares in Advanced Power Components fell back after the supplier of niche electronic components said it found that an error resulted in a £261,000 overstatement of inventories in its 2009 accounts.It said it will include the restated comparative information when it releases its results for the year to August 31 in early December, with profits and revenues for the period expected to be in line with expectations.It said its resilient performance was due to cost-cutting and an increased focus on technical sales.'Current trading is stable and despite the continuing economic uncertainty, current year order intake is at a healthy level,' the company said.'The board continues to be optimistic about the company's future prospects,' it added.