Connect with us

Business

B&M shares plunge as finance chief quits over ‘embarrassing’ accounting error

Published

on

B&M shares plunge as finance chief quits over ‘embarrassing’ accounting error


Discount retailer B&M has slashed its profit guidance for the second time in a month, following the discovery of a £7m accounting error.

In a surprise announcement on Monday, the London-listed firm also confirmed its finance chief plans to step down.

The company stated that £7m in overseas freight costs were “not correctly recognised in cost of goods sold,” an issue it linked to an operating system update earlier this year.

It told investors that the underlying issue has been resolved, but that it will have a financial impact on its results this year.

Adjusted earnings for the half year to September are set to have been around £191m, reducing its previous estimate of £198 million.

B&M said group adjusted earnings are now set to be between £470m and £520m for the financial year, having previously guided to between £510m and £560m.

Bosses at the retail firm said they intend to launch a comprehensive “third-party review” into the incident.

It added that it still expects like-for-like sales growth to be “between low-single-digit negative and low-single-digit positive levels” over the second half of the year.

(REUTERS)

The update comes only two weeks after B&M blamed soaring costs and a slump in sales as it warned over profits.

It had reported a worse-than-expected 1.1% drop in UK like-for-like sales in the second quarter of the year.

Meanwhile, the firm also said it was impacted by a £30m jump in wage costs and a £14m hit in packaging taxes over the latest half-year.

It therefore launched a series of turnaround measures in an effort to help improve its performance, including cutting prices of some of its key value items.

On Monday, B&M also confirmed that chief financial officer Mike Schmidt has said he will step down from the role.

It has launched a search for his replacement, with Mr Schmidt staying on until the new finance boss is appointed.

Dan Coatsworth, head of markets at AJ Bell, said: “Just when it looked as if life couldn’t get any worse for B&M, along comes an accounting error which has ultimately cost the finance boss his job.

“The situation is highly embarrassing for the board and even worse for shareholders.

“While CFO Mike Schmidt hasn’t been fired, there was no way he could have stayed with the company given the severity of the error discovered in the retailer’s accounts.”

Shares were down 17.9% to 178.1p on Monday morning, slipping to record low levels.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Pizza Hut to close 68 UK restaurants

Published

on

Pizza Hut to close 68 UK restaurants


Charlotte EdwardsBusiness reporter, BBC News

Getty Images A person reaches into a pizza box and cuts a pizzaGetty Images

Pizza Hut is to close 68 restaurants and 11 delivery sites in the UK with the loss of 1,210 jobs, after the firm running them fell into administration.

DC London Pie Limited, which operates Pizza Hut’s UK restaurants, appointed FTI Consulting as administrators on Monday.

However, Pizza Hut’s global owner Yum! Brands has agreed to save 64 restaurants, preserving 1,276 jobs.

Pizza Hut is well known for its family-friendly dining and salad bar, but its UK business has been struggling and had previously gone into administration less than a year ago.

DC London Pie had bought Pizza Hut UK’s restaurants from insolvency in January this year. The company also owns Pizza Hut franchises in Sweden and Denmark.

A spokesperson for Pizza Hut UK said: “We are pleased to secure the continuation of 64 sites to safeguard our guest experience and protect the associated jobs.”

Nicolas Burquier, managing director for Pizza Hut Europe and Canada, said: “This targeted acquisition aims to safeguard our guest experience and protect jobs where possible.”

He added that the immediate priority for Pizza Hut was “operational continuity at the acquired locations and supporting colleagues through the transition”.

Zoe Adjay, a senior lecturer in hospitality at the University of East London, said Pizza Hut had been “at the forefront of bringing fast food into the UK” in the 1970s, but had struggled to remain relevant amid increased competition.

“The pizza market has become a lot more upmarket,” she said. “There’s a lot more high-end pizza and they’ve taken a huge market share.”

Ms Adjay added that Pizza Hut had also failed to establish itself on social media in the same way as some of its competitors.

Increased operating costs and “ongoing consumer caution” will likely have contributed to Pizza Hut’s challenges, according to Danni Hewson, head of financial analysis at AJ Bell.

“DC London Pie had rescued Pizza Hut’s UK operations from insolvency less than a year ago, but making a success of a big-name casual dining businesses is a tough job.

“Taking back the brand looks a smart move by Yum! Brands as it has decades of data about how pizza lovers like to consume and exactly what factors need to coalesce to make a location a success.”



Source link

Continue Reading

Business

Explained: India launches e-Arrival Cards for foreign travellers — how it works & how to apply – The Times of India

Published

on

Explained: India launches e-Arrival Cards for foreign travellers — how it works & how to apply – The Times of India


The government has rolled out a new digital system for foreign nationals entering India. Beginning October 1, 2025, travellers can now submit an electronic arrival form instead of the traditional paper card. The initiative aims to simplify entry formalities, improve efficiency at airports, and enhance data accuracy. As per ET, the e-arrival card is part of the government’s broader efforts to digitise immigration procedures and make travel to India smoother for international visitors.

How to apply for the e-Arrival Card

According to ET, the e-arrival card can be filled and submitted online through three official platforms — the Indian visa website (https://indianvisaonline.gov.in/), the Bureau of Immigration website (http://boi.gov.in), or the Su-Swagatam mobile app. Travellers can complete the process up to 72 hours before their scheduled journey to India.

What happens to the paper form?

The government has announced that the paper arrival form will continue to be accepted for the next six months. However, as per information shared on the US Embassy’s website, foreign travellers are encouraged to opt for the e-arrival option for “a faster and more efficient customer experience.” This digital alternative aims to reduce queues and manual data processing at airports while allowing travellers to complete formalities in advance.

How to fill the e-Arrival Card

Passengers must visit https://indianvisaonline.gov.in/earrival/ to access the new digital form. The form requires accurate personal, travel, and contact details. Under ‘Personal Details’, travellers must provide their full name (as per passport), nationality, passport number, and purpose of visit. In the Arrival Details section, travellers should enter their arrival date and list countries visited in the past six days before submitting the form online.

Difference between e-Arrival Card and e-Visa

According to the US Embassy, the e-arrival form is entirely separate from the e-visa process. “US citizens should note that this arrival form change is separate from the e-visa application process. US citizen travellers are now able to travel to India with a valid e-visa (or physical visa from an Indian embassy/consulate) AND a valid e-arrival form,” the embassy clarified.





Source link

Continue Reading

Business

Developing Rosebank oil field ‘pure climate vandalism’, Scottish Green insists

Published

on

Developing Rosebank oil field ‘pure climate vandalism’, Scottish Green insists



Scottish Greens will “call out the lies of big polluters”, co-leader Gillian Mackay said as she branded plans to develop the Rosebank oil field as “pure climate vandalism”.

Ms Mackay spoke out as demonstrators opposed to drilling the site gathered in London on Saturday.

Plans to develop the North Sea field – which is estimated to contain up to 300 million barrels of oil – have been submitted again by owners Equinor.

However, Ms Mackay told the Scottish Green Party conference in Edinburgh: “We have to be the party that calls out the lies of big polluters.”

Ms Mackay, who was elected co-leader with fellow MSP Ross Greer in August, told her fellow Scottish Greens: “Drilling for new oil and gas in fields like Rosebank will do nothing to lower energy bills or protect our planet.

“It is pure climate vandalism and we have to stop Rosebank.”

Development of the oil field, which lies 80 miles west of Shetland, had been approved by the Conservative government in 2023 but that decision was challenged in the courts in the wake of a Supreme Court ruling which said the emissions created from burning fossil fuels should be considered when granting permission for new drilling sites.

Her comments came as Zack Polanski, leader of the Green Party of England and Wales, insisted the UK is “one of the most nature depleted countries in the world”.

Addressing protesters in London, Mr Polanski said: “The very least this Government need to do is to stop making things worse.”

Ms Mackay also used her conference speech to hit out at the UK Government over the closure of Scotland’s only oil refinery in Grangemouth.

Hundreds of jobs were lost after owners Petroineos closed the refinery earlier this year, with Ms Mackay, who grew up in the area saying: “I’m sick of governments and corporations using tags like ‘just transition’ as a cheap slogan.

“What happened in Grangemouth is not a just transition.

“Our communities don’t need empty words, words don’t pay the bills, or put food on the table.

“They need real plans to provide real jobs and real opportunities.”

Ms Mackay insisted: “That site could have been saved. Labour promised to save it – they promised £200 million – and the message from the workers is clear: show us the money.”

She said that the Grangemouth plant “could have been nationalised”, adding: “We cannot leave the future of our communities in the hands of billionaires who are all too happy to abandon us when the money dries up.”

With the Scottish Greens having set the target of overtaking Labour in May’s Holyrood ballot, Ms Mackay said her party was “on the verge of a historic election” with the “chance to elect more green voices than ever before”.

She also told how the birth of her first child, Callan, in June meant she had “never felt more committed to building a greener Scotland”.

She joked that she was speaking at Saturday’s conference “in relatively one piece, without too much baby dribble on me” as she said the Green model, with two co-leaders at the helm, had allowed her to take on the challenge.

“In other parties there would have been a whole load of barriers to a new mum being elected to a leadership role,” Ms Mackay said.

“It is only because of our co-leadership model and the support of ordinary members, I have been afforded this opportunity.”

She continued: “The support I have had says something about our party and the values we stand for.

“When I think about the country I want us to be, it is one where we support each other, one where we lift each other up and one where we do things differently.”



Source link

Continue Reading

Trending