A profit warning has been issued by Mowlem as it prepares to undergo a review
of its profit recognition and contract valuation, a move its classes as a ‘major
The construction group said that a preliminary review of this assessment had
caused it to revise profits down £20m on market expectations.
Despite the warning, the group said its order book remained at a similar
level to 2004, and its restructuring of its UK construction services business
was largely complete and had lead to savings of £5m a year.
Finance director Paul Mainwaring, appointed to the role in May, is leading
the charge to find a realistic and consistent way to treat contract revenue,
according to a spokesman.
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements
Charles Tilley's departure from CIMA leaves the accounting world quieter, but his institute with an exciting foundation