Aug 23 (Reuters) - Eddie Stobart Logistics Plc onFriday announced the departure of Chief Executive Officer AlexLaffey and suspended shares from trading after it failed topublish its half-year results in time.
The company also decided to review its dividend policy andsaid it would publish the first-half results in early September,with its adjusted operating profit likely to be significantlylower than anticipated.
The logistics company had last month said that after areview of its previous statements under new Chief FinancialOfficer Anoop Kangits, it found that 2018 adjusted operatingprofit was overstated by about 2 million pounds.
In a statement on Friday, it said it was now applying a more"prudent approach to revenue recognition, re-assessing therecoverability of certain receivables, as well as consideringthe appropriateness of certain provisions".
The company, whose largest shareholder is troubled fundmanager Neil Woodford with a 22.9% stake, had last month flaggedslowdown in some businesses and a forced exit from a"problematic" contract as reasons for a weak first-half.
It said on Friday Laffey will be replaced by SebastienDesreumaux, the head of iForce unit. Desreumaux joined the firmin 2018 and has a vast experience in the logistics sector,including 20 years with France's Norbert Dentressangle.
Eddie Stobart operates about 2,700 vehicles, around 5,000trailers and 43 operating centres throughout the UK and Europe,and has roughly 6,600 employees, according to its website.
(Reporting by Shashwat Awasthi and Noor Zainab Hussain inBengaluru; Editing by Arun Koyyur)