February 1, 2018 / 7:43 AM / 8 months ago

BRIEF-SIG Plc Announces Historical Overstatement Of Profit

Feb 1 (Reuters) - SIG Plc:

* IDENTIFIED HISTORICAL OVERSTATEMENT OF PROFIT RELATING TO YEAR ENDED 31 DEC 2016 AND PRIOR YEARS AND RELATING TO HALF YEAR ENDED 30 JUNE 2017​

* ‍EXPECTATIONS FOR UNDERLYING PROFITABILITY FOR YEAR ENDED 31 DECEMBER 2017 REMAIN UNCHANGED​

* ‍GROUP INTENDS TO RESTATE PREVIOUS FINANCIAL STATEMENTS FOR THESE OVERSTATEMENTS​

* ‍REVIEW IDENTIFIED OVERSTATEMENT OF BALANCES AT 30 JUNE 2017 RELATING TO RECOVERABLE BALANCES BROUGHT FORWARD FROM 2016 ​

* SUSPENDING SOME INDIVIDUALS BEING PLACED UNDER DISCIPLINARY INVESTIGATION INTO CIRCUMSTANCES SURROUNDING ACCOUNTING FOR BALANCES, CASH OVERSTATEMENT

* ‍REMUNERATION COMMITTEE REVIEWING MAIUS, CLAWBACK PROVISIONS IN RELATION TO INCENTIVE PAYMENTS MADE TO SOME INDIVIDUALS IN RELATION TO PRIOR YEARS​

* ‍IDENTIFIED A NUMBER OF ACTIONS TO REMEDIATE CONTROL ENVIRONMENT IN SIGD​

* ENGAGED KPMG TO CONDUCT DETAILED REVIEW OF FINANCIAL REPORTING CONTROLS AT SIGD TO CONFIRM ACCOUNTING TREATMENT OF OTHER MATERIAL ITEMS AT 31 DEC 2017

* ‍UP TO A FURTHER C.£2.5M OVERSTATEMENT OF PROFIT FOR HALF YEAR ENDED 30 JUNE 2017​

* GROUP CONDUCTED FORENSIC REVIEW OF RECOVERABILITY OF BALANCES RECOGNISED AT DEC. 31 2016 IN RELATION TO REBATES, POTENTIAL RECOVERIES FROM SUPPLIERS​

* ‍REVIEW CONFIRM THAT A NUMBER OF THESE BALANCES WERE OVERSTATED AT 31 DECEMBER 2016, IN SOME CASES INTENTIONALLY​

* OVERSTATEMENT OF PROFIT FOR YEAR ENDED DEC. 31 2016 OF UP TO C.£3.7M, WITH UP TO FURTHER C.£0.4M OVERSTATEMENT OF PROFIT RELATING TO YEARS BEFORE 2016​ Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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