Findel future 'challenging' after accounting irregularities
Future "challenging" but brighter following 2010's accounting problems and a forced rights issue
Future "challenging" but brighter following 2010's accounting problems and a forced rights issue
A “CHALLENGING FUTURE” faces Findel after it was hit by accounting irregularities in January 2010 that forced it to restate results for the previous 12-month period and saw then-chairman Keith Chapman step down.
The group is conducting a “full potential review” of its five arms as a result of recent poor results, after pre-tax profits plummeted to £7m from £11.7m in the year ending 1 April 2011. It will take three years to complete and cost the business £35m, The Telegraph reported.
Findel appeared to be in trouble after it was forced into a rights issue in July 2010, accompanied by a renewal of debt facilities. Chief executive Roger Siddle said: “Given the group’s then level of debt, the terms for these facilities were both challenging in terms of headroom and onerous in their conditions.”
The future is looking brighter now, as its online sports retail business Kitbag has signed a contract with Uefa for the Champions League and European Championships, while buying processes for the education supplies division have been improved and £10m injected to “ease supplier pressures”.
For more market and company information go to the Share Price Centre.
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceColin speculates on the state of Tesco's staff lounge following news of its profits recognition crisis Read More...
View articleHP accuses some former members of Autonomy's management team of "accounting improprieties" prior to its acquisition Read More...
View articleOnline deal business reconsiders how it presents marketing and subscriber-acquisition costs Read More...
View articleXchanging has a four-year financing deal and new CEO Ken Lever said it is making progress after accusations of "aggressive" accounting Read More...
View articleAccounting insight and strategy add more value than old-fashioned cost counting, a new CIMA report has suggested Read More...
View articleRics and academics from Kingston University are considering whether greater regulation is needed in service charge accounting Read More...
View articleRBS declined to respond to a letter warning poor accounting was distorting its profits Read More...
View articleCommercial property accounting practices should be more transparent when it comes to service charges, according to a new report Read More...
View article