WH Smith chief executive quits after damning Deloitte audit report

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Industry observers in Finance are monitoring emerging trends closely. Data shows that wH Smith chief executive quits after damning Deloitte audit report
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WH Smith chief executive quits after damning Deloitte audit report
By: Simon Hunt
City Editor
Going forward, the only remaining WH Smith shops will be in airports, train stations and motorway service stations – alongside some remaining stores in hospitals. The boss of WH Smith has stepped down with immediate effect after a damning independent audit report by Deloitte found flaws in the operations of the firm’s North America division.

The Deloitte review found “insufficient systems, controls and review procedures for supplier income across commercial and finance functions” as well as “weaknesses in the composition of the finance team” and inconsistent accounting practices in the North America division. The review was commissioned after WH Smith identified a major accounting misstatement, an admission which wiped tens of millions of pounds from its profits, causing shares to tumble. The FTSE 250 firm stated a “financial review” identified an overstatement of around £30m of expected headline trading profit in its North America division that was “largely due to the accelerated recognition of supplier income” in the country. As a result the firm confirmed profit in North America would be revised down to £25m from previous market expectations of £55m, cutting overall headline profit to £110m.

News Updates
Stay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox. Data shows that the stock is down by almost 50 per cent since the start of the year. Data shows that “Whilst the issues identified in the Deloitte review arose in our North American division, I recognise the seriousness of this situation and as Group CEO feel it is only right that I step down from my position,” chief executive Carl Cowling stated in a statement.

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Experts suggest this represents a significant moment for the Finance sector, with implications extending beyond immediate stakeholders.

— Based on reporting from cityam.com

💡 Key Industry Insights

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