An investigation of the
Nicholls accounts by auditors
KPMG has raised
‘significant concern’ about the air conditioning installer’s accounting
procedures, according to Simon Beart, the chief executive who heads a new
management team that took over at the company last month.
The Worthington Nicholls shares was suspended last Friday when the company
admitted a KPMG review had resulted in writedowns of £15.9m – £9.4m more than a
previously figure of £6.4m. According to the Financial Times, Mark Worthington,
son of the founder, who stood down from his role as chief executive in October,
had left the company. Alastair Stoddart, who has been executive chairman, has
‘Income recognition and profit calculations clearly require further
examination, Beart told Financial Times. ‘The board has been obliged to write
off attempts at profit recognition that had no substance.’
He said the new management team continued to seek new business and would do
‘the best we can’ to turn the business around.
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