Eddie Stobart CEO steps down; shares to be suspended from AIM

25 Août, 2019, 12:45 | Auteur: Auguste Feret
  • Eddie Stobart truck beside the Gloucester and Sharpness Canal UK

Russ Mould, investment director at AJ Bell, said: "The distinctive livery on its lorries may have raised a nostalgic smile as you passed them on the motorway, but shareholders in Eddie Stobart Logistics might end up honking their horns in frustration after today's news".

Eddie Stobart Logistics said suspended trading in its shares and announced that Alex Laffey would stand down as chief executive as the company investigated a probe into an accounting error.

"These developments, and an earlier admission that 2018 profit had been overstated by £2 million, follow the appointment of new finance chief Anoop Kangits".

The company said in a filing with the London Stock Exchange that the impact of the review on its earnings was "unclear", but was "likely to be significant lower than anticipated" in its half-year trading update in July.

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Despite the irregularities, the company had assured that it expects to deliver its full-year results "in line with the Board's expectations", pointing out that its volumes have always been skewed towards the second half of the year. However, the market did not take this announcement lightly, with its shares falling by 1.9 percent on July 9, the day this was put in the open.

Earnings for the first half are expected to be significantly lower than anticipated at the trading update last month.

Elsewhere, as part of the group's review carried out in conjunction with auditors in relation to its interim results, Eddie Stobart's board is applying a "more prudent approach to revenue recognition".

Eddie Stobart Logistics plc provides logistics, distribution, and warehousing services for its clients across a range of service sectors in the United Kingdom and internationally.

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