AIM-quoted fuel cell company
Acta S.p.A is based in Tuscany, Italy, where it develops and produces platinum-free catalysts for the fuel cell industry. In September 2005 it completed a successful £9m placing and admission to the AIM market of the London stock exchange. This investment and subsequent expansion placed a significant burden on the existing finance function.
Operating in Italy
but accounts function
in UK
FD Solutions was appointed to assist with the transition to IFRS accounting. An Excel model was developed which extracted the information from the accounting system used by the local firm of Italian accountants and put it in a format suitable for the production of the first set of IFRS consolidated financial statements.
Prepared IFRS accounts
Early in 2006, the accounting was brought in-house and set up on Navision. We were then asked to return to Acta to assist with the production of June 2006 interim IFRS consolidated accounts for AIM. The model was updated to reflect the new system.Subsequently, FD Solutions has also been appointed by the client to set up the finance function in the new UK office.
Adding value and bridging a skills gap
This case study demonstrates the wide range of expertise of the team at FD Solutions and the way we can add value where there is a skill gap and also when a client’s CFO just needs additional high-level temporary resource.
