Accounting errors see St Ives profits fall £2.8 million
News Article - Wednesday, August 30, 2006
filed under: Industry
One of Britain's largest printing firms has announced that its profits will be lower than forecast following an accounting error.
St. Ives said that its annual profits will be £2.8 million lower than previous forecasts, after it found that costs had not been properly audited. Errors also resulted in unrecoverable debts and over-valuation of work-in-progress.
The accounting errors were found within the company's point-of-sale division, which carries out client work for firms such as Marks & Spencer.
The firm identified the errors through a review of its records, with most of the irregularities affecting results recorded in the first half of the financial year ending July 28th. Results in the second half were unaffected.
"The financial controller of the point-of-sale division has left the group, and until that position is filled the group finance director will oversee the production of the divisional accounts."
St Ives claimed the company's cash position remained the same.
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