BusinessCompany NewsSystems troubles delay Morrisons results

Systems troubles delay Morrisons results

Supermarket chain WM Morrison says problems with the integration of accounting systems from the Safeway group, which it recently bought, will delay its interim results by several weeks.

Link: Morrisons FD in running for top post

Morrisons will now only release its interims in October, the FT reported.

At the same time Sir Ken Morrison, chairman, said accelerating sales declines in the Safeway business would leave profit at close to £125m.

Yesterday WM Morrison sold 10 Safeway stores to its larger rival Tesco with a book value of £87.6m – the supermarket chain needs to shed 10 more outlets to satisfy the Office of Fair Trading, which ruled at the time of its Safeway acquisition that it must sell 52 Safeway stores that are too close to its own.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor