PracticeAuditKPMG signs off tram builder’s accounts

KPMG signs off tram builder's accounts

KPMG says it has signed off the accounts of Altram LTR, the company created to build and run Midland Metro, the tram system linking Birmingham and Wolverhampton.

Link: KPMG to face charges over Xerox

Reports in The Times said the firm had failed to sign off the accounts of Altram LTR. But in a statement today KPMG confirmed that ‘the audit report of Altram LRT Limited for the year ended 31 December 2001 has been signed and the accounts have been filed with Companies House’.

‘The audit report draws attention to the lack of evidence available to enable us to form an opinion on the ability of the company to continue as a going concern,’ KPMG said.

According to the accounts, the future of Altam depends upon restructuring talks with the West Midlands Transport Authority, Centro.

They say: ‘Since the year end, the company has been in negotiation with Centro regarding a new performance regime and financial restructuring, successful completion of which will enable the company to trade for the foreseeable future.’

In the last financial year, the company had a turnover of £4.3m and pre-tax losses of £11.4m.

Altram was unavailable for comment.

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