Gloster Limited has informed the Exchange regarding Change in Auditors of the company.
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. The resignation comes well before the scheduled end of their term (2027 for Gloster, 2026 for Fort Gloster Industries). The trigger was a disagreement on revenue recognition in a long-term customer contract at Fort Gloster Industries, which led the auditor to issue a qualified conclusion on the Q1 FY26 results. The auditor had already completed the FY25 audit (May 2025) and Q1 FY26 limited review (August 8, 2025) before stepping down. Gloster's Audit Committee and Board will appoint a new auditor to fill the casual vacancy. The implications of the revenue recognition issue are likely to affect future financial statements of the company.
This is a mid-term auditor exit driven by an accounting disagreement, which is a negative governance signal. The unresolved revenue recognition issue at the material subsidiary could lead to restatements or qualifications in upcoming results, creating uncertainty for shareholders. Watch for the new auditor appointment and any further disclosures on the disputed contract revenue.