Shares of Oncimmune Holdings experienced a decline on Friday following the company’s announcement of an accounting error that affected its fiscal year 2022 revenue. However, despite this setback, the error did not impact the gross profit, operating loss, or cash position.
Decline in Shares
By 1311 GMT, shares had dropped by 3.45 pence, representing a 21% decrease and bringing the value to 13.0 pence.
Revised Revenue Figures
Oncimmune Holdings, an immunodiagnostics developer, revealed that the correct revenue figure for the 12-month period ending in May 2022 is £3.2 million ($4.2 million). Previously, in September, the company had reported a 3.8% increase in revenue amounting to £3.9 million.
Consolidation Error
The company clarified that the financial results of one of its subsidiaries were erroneously consolidated into the overall group’s results. Consequently, both revenue and cost-of-sales were overstated due to this one-off mistake. It is worth noting that this error did not impact the first-half results or the final results for the 15-month period ending on August 31, 2022. The alteration of the year-end period to August 31 caused no complications.
