February 26, 2020 / 7:37 AM / a month ago

Haulier Eddie Stobart warns of annual loss as accounting scandal bites

Feb 26 (Reuters) - Eddie Stobart warned of an annual loss after posting a half-yearly operating loss on Wednesday, hit by accounting-related issues that have delayed its interim results for months, and said it had taken an impairment charge of 169.2 million pounds ($219.86 million).

The haulier, known for its green and red trucks, said underlying operating loss for the six months ended May 2019, was 11.6 million pounds compared to a restated profit of 600,000 pounds a year earlier.

The company, whose shares were suspended last year due to its failure to publish results on time after it found that 2018 adjusted operating profit was overstated by about 2 million pounds, said shares would resume trading on Wednesday.

$1 = 0.7696 pounds Reporting by Yadarisa Shabong in Bengaluru; Editing by Vinay Dwivedi

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