Eddie Stobart has suspended trading in its shares and its chief executive is to stand down immediately as the company looks into an accounting error.
Editorial credit: Jaroslaw Kilian / Shutterstock.com
Chief executive Alex Laffey is stepping down after a find of a £2m accounting error that will affect earnings for the first half of the year.
The transport company found the error when a review was done by the chief financial officer who joined in April. It found that in 2018 operating profits were overstated by around 4%. Publications of the companies results for the six months to May 31st have been delayed. The company said its half-year results are scheduled to be released on August 29th.
Mr Laffey will be replaced by Sebastien Desreumaux who is currently chief executive of its iForce business and head of contract logistics.
Eddie Stobart was founded by Edward Stobart in 1970. The firm operates 2,700 vehicles and 43 logistical hubs in the UK and Europe, and employs around 6,600 people, according to its website.
