黑洞社区

黑洞社区 products supplier SIG has admitted that profit booked in the last 18 months could have been inflated by more than 拢6m following a probe into accounting regularities which has seen the firm suspend a number of employees.

The FTSE 250 firm, which provides insulation and roofing to sites up and down the country, said it had asked its external auditor Deloitte and brought in KPMG to look into the allegations following claims made by a whistleblower at SIG Distribution 鈥� its insulation and interiors business.

SIG said the investigation had found that up to 拢3.7m of profit in 2016 had been overstated with a further 拢400,000 overstatement relating to the years before 2016.

And it added that profit for the six months to June 2017 had been overstated by up to 拢2.5m.

The Sheffield-based firm said it was suspending 鈥渁 number of individuals who are being placed under disciplinary investigation into the circumstances surrounding the accounting for these balances鈥�

It added that it was looking at bonus payments made to 鈥渃ertain individuals in relation to prior years鈥�

In a statement to the Stock Exchange this morning, the firm said: 鈥淭he Group intends to restate previous financial statements for these overstatements, which remain subject to audit, and is currently working with Deloitte to ensure the correct accounting treatment. A further update will be provided at the time of the Group鈥檚 full year results.鈥�

SIG said it had asked KPMG to review its accounting practices as it begins to tighten up controls.

In its last set of annual results, the firm posted revenue of 拢2.8bn and underlying pre-tax profit of 拢77.5m in the year to December 2016.

Shares slipped 4% in early trading on the news. The firm will release its 2017 results on 9 March.