GLOSTER LIMITED has informed the Exchange about Resignation of Statutory Auditor
GLOSTERLTD · price
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Price Waterhouse & Co Chartered Accountants LLP has resigned as statutory auditor of Gloster Limited and its material subsidiary Fort Gloster Industries Limited, effective August 13, 2025 — well before their scheduled term expiry of March 2027. The auditor cited an unresolved disagreement over the revenue recognition basis used by a material subsidiary for a long-term customer contract, which led them to issue a 'qualified conclusion' on the Q1 FY26 consolidated financial results. They warned that this accounting difference is likely to materially impact future financial results as well. The Audit Committee and Board will appoint a new statutory auditor to fill the casual vacancy.
This is a mid-term auditor exit driven by an accounting dispute, which is a serious red flag for shareholders. The qualified opinion on Q1 FY26 results and the auditor's warning of further significant impacts suggest potential earnings quality issues, restatement risk, or governance concerns at the material subsidiary level — likely to weigh negatively on the stock in the short term.