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(Alliance News) - Harvest Minerals Ltd said Thursday it will change its financial year-end to December 31 from June 30.
The reason for the change in the Perth, Australia-based remineraliser producer is that Harvest's production and sales cycles work mainly on a calendar basis, but its accounting period ends June 30, which Harvest said is "typical of most Australian incorporated companies".
As a result, Harvest is presented with unnecessary additional work to explain financial performance both on an interim and annual basis.
Harvest has already received approval from the Australian Securities & Investment Commission to change its year-end, with the change to take effect from January 1, 2020.
Looking ahead, Harvest will publish results for the year ended June 30 on late November, and then audited results for 2019 by the end of the first quarter of 2020.
"Changing our year end to align with buying patterns is an important step in simplifying our financial reporting procedures and improving communication with our shareholders. Going forward, we hope this change will give shareholders a fuller understanding of how the business is operating," said Executive Chair Brian McMaster.
Shares in Harvest Minerals were down 2.3% at 4.3 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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