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(Alliance News) - DX Group on Friday said Grant Thornton has resigned as its auditor, citing concerns about the findings of a corporate governance inquiry.
The Slough, England-based parcel freight, secure courier and logistics provider said it had been in discussions with Grant Thornton over the pace of the inquiry, which is holding up the audit of its financial 2021 accounts.
According to DX, Grant Thornton said it resigned over concerns about potential breaches of law by DX employees and the provision of inaccurate information that didn't "give a full picture of the scale and seriousness of the facts".
DX said it disagrees with the reasons given by Grant Thornton and will provide further commentary in "due course".
The company noted that the inquiry is about corporate governance, not financial performance, which remains in line with the trading update it provided on Wednesday. DX had reported an 11% increase in revenue in the first half of its current financial year, which runs to the start of July.
DX Group shares have been suspended since the start of 2022 due to the late accounts.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: up 0.8% at 7,586.07
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Hang Seng: up 3.2% at 24,570.57
Nikkei 225: closed up 0.7% at 27,439.99
S&P/ASX 200: closed up 0.6% at 7,120.20
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DJIA: closed down 518.17 points, or 1.5%, at 35,111.16
S&P 500: closed down 111.94 points, or 2.4%, at 4,477.44
Nasdaq Composite: closed down 538.73 points, or 3.7%, at 13,878.82
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EUR: up at USD1.1457 (USD1.1425)
GBP: down at USD1.3585 (USD1.3616)
USD: up at JPY115.00 (JPY114.85)
GOLD: up at USD1,807.26 per ounce (USD1,805.70)
OIL (Brent): up at USD91.48 a barrel (USD89.45)
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Friday's key economic events still to come
China Lunar New Year public holiday continues. Market closed in Shanghai, open in HK.
1100 CET EU retail trade
0900 GMT UK SMMT registration figures
1100 GMT Ireland live register
0930 GMT UK construction PMI
0830 EST US monthly jobs report
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Demand for new cars in the UK remains below pre-pandemic levels but sales of electric models continue to buck the trend. Provisional figures from the Society of Motor Manufacturers & Traders show UK registrations in January were more than a quarter higher than during the same month last year. But the sector's performance 12 months ago was severely affected by showrooms across the country being closed due to the coronavirus pandemic, with just 90,000 registrations recorded in January 2021. The total for January 2020 – before the pandemic – was 149,000. Sales continue to be restricted by low consumer confidence and the global shortage of computer chips, which is limiting supply. One in five new car buyers last month chose a plug-in vehicle.
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BROKER RATING CHANGES
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Goldman Sachs starts Ceres Power with 'sell' - price target 475 pence
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Berenberg starts Bango with 'buy' - price target 300 pence
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Barclays raises Tullow Oil to 'overweight' (equal weight) - price target 75 (60) pence
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COMPANIES - FTSE 100
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Airtel Africa said earnings in the nine-month period to December have jumped. Third-quarter revenue rose 18% annually to USD1.22 billion from USD1.03 billion. Pretax profit was 49% higher at USD297 million from USD200 million. For the nine months, revenue was up 23% to USD3.49 billion, while pretax profit surged 79% to USD864 million. Airtel's customer base grew by 5.8% and now stands at 125.8 million. "A strong third quarter has contributed to a pleasing nine-month financial performance across all key metrics," Chief Executive Segun Ogunsanya said.
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Mexican miner Fresnillo said Alberto Bailleres, its honorary chair, died on Wednesday. "We will remember him as a visionary businessman, an exemplary Mexican, a dreamer who succeeded and exceeded his goals," said Chair Alejandro Bailleres.
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COMPANIES - FTSE 250
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Upper Crust-owner SSP said overall sales in the eight week to January 30 were at 57% of pre-virus levels. In the first nine weeks of its financial year, which runs to September 30, 2022, sales had been at 66% of 2019 levels. "The spread of the Omicron variant around the world and the subsequent government restrictions have inevitably had an impact on passenger numbers in many of our market," SSP explained. "Trading remained resilient during December and throughout the holiday period, before softening in early January." Fortunes recently have been "more encouraging", however, as government curbs are lifted. SSP noted that during its first quarter, it was profitable at an underlying earnings before interest, tax, depreciation and amortisation level.
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Shaftesbury, a REIT focused on London's West End region, also noted an Omicron hit but said its occupiers have "weathered" disruption. A rebound in "confidence and activity" continued through the crucial pre-Christmas trading period. However, Omicron's emergence led to short-term disruption due to government curbs and staffing issues. The UK government turned to 'plan B' measures to help stem the spread of the variant. "Rent collection has continued to improve. For the quarter to 31 December 2021, we have collected 88% of contracted rents to date, 10% remains outstanding and 2% has been waived, with our rental support now only being granted on an exceptional case-by-case basis," Shaftesbury said. Collection rates in January, meanwhile,"reflected the short-term trading and cash flow reduction" caused by Omicron. Collection rates for the month are currently at 77%. Shaftesbury's EPRA vacancy rate at December 31 improved to 5.1% of its portfolio measured by estimated rental value from 6.0% at the end of September.
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Friday's shareholder meetings
Aberdeen Standard Equity Income Trust PLC - AGM
Brewin Dolphin Holdings PLC - AGM
Love Hemp Group PLC - AGM
PCF Group PLC - AGM
Shaftesbury PLC - AGM
Tectonic Gold PLC - AGM
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By Tom Waite; thomaslwaite@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
