US EditionPublished • loading... • Updated
UK financial watchdog to investigate travel retailer WH Smith
An independent Deloitte review found North American profits overstated by up to £50 million, prompting FCA scrutiny of potential breaches in UK Listing and Transparency rules.
- WH Smith, a travel retailer, has said it plans to recover overpaid bonuses from former bosses following an accounting blunder within its US business that overstated profits by as much as £50 million.
- The UK's financial watchdog is investigating the accounting issues, and WH Smith has kickstarted a remediation plan to strengthen its governance and controls.
- WH Smith is focused solely on its 1,300 shops in global travel locations after selling its high street chain, and it reported a pre-tax profit of £108 million for the year to the end of August, excluding one-off costs.
Insights by Ground AI
24 Articles
24 Articles
WH Smith Faces FCA Probe Over Accounting Error That Hit Shares
WH Smith Plc is under investigation by the UK’s Financial Conduct Authority over the accounting error in its North American business that triggered a stock slump and the resignation of its chief executive officer.
·United States
Read Full Article
Coverage Details
Total News Sources24
Leaning Left4Leaning Right2Center7Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
L 31%
C 54%
15%
Factuality
To view factuality data please Upgrade to Premium
