A FINANCE FUNCTION review has revealed £900,000 in costs and provisions at engineering support business Redhall Group, with its CFO departing.
The group, which has undertaken a number of restructures and reviews in recent months, has extended an exceptional provision by a further £500,000 following a “detailed analysis” of assets in the balance sheet of its nuclear business. The analysis was part of the group’s ongoing restructuring of its finance operations in a bid to improve systems and controls. The original provision, identified on 26 March, was more than £300,000.
An exceptional provision of approximately £370,000 will be required to cover restructuring costs associated with the finance function across the group and the nuclear division, with auditors KPMG called in to verify the work.
Group finance director Chris Lewis-Jones has stood down with immediate effect and Chris Kelly has been appointed interim FD. Kelly was previously FD of listed business Town Centre Securities, and prior to that was a partner at EY.
Delays in picking up new contracts will see a “deterioration” of the group’s performance, it said in its stock exchange statement, but the board still expects to report growth in revenues and underlying profitability in the 12 months to September 2014.
Redhall chief executive Richard Shuttleworth said: “The group continues to make progress in its trading. I am satisfied that we have now resolved the issues relating to legacy contracts and remain confident of the future.”
Big Data software company WANdisco has appointed Erik Miller as chief financial officer and with immediate effect
Join Financial Director, Oracle and a host of ‘Fast Data’ experts to discover how financial professionals can help create a Fast Data business
Wolseley is to cut up to 800 UK jobs and close around 80 branches costing the company about £100 million, the plumbing and heating supplier said on Tuesday despite reporting rising sales and profits
What can you do to ensure your employees know the company policy and stick to it? Hear from other CFOs and experts in our free-to-view video