The City panned embattled retailer
Direct this week, after the company once again failed to make basic
financial disclosures in its latest market announcement and revealed that it had
yet to appoint a full-time chairman.
Analysts and investors were furious as the company, led by controversial
founder Mike Ashley, failed to disclose any like-for-like sales information in
an interim statement that was released on the same day as its AGM.
The company only disclosed that ‘total sales of the group for the 13 weeks
ending 29 July 2007 amounted to £335m and a corresponding group gross profit of
£149m’ but offered no like-for-like sales data or any other comparatives, the
bare minimum required by investors and analysts.
There was also widespread anger at the slow progress that the company has
made in finding a replacement for former chairman David Richardson, who quit the
role in June.
Interim chairman Simon Bentley said a search was underway, but that the
appointment would only be made by Christmas time rather than October as the
business had originally promised.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.