Kenwood Appliances PLC
22 November 2000
Kenwood Appliances plc
Following a thorough review of systems and accounting procedures in the UK the
Company has identified a number of accounting issues in respect of the
recording of stock which have now been investigated by the group's auditors.
The Board are proposing to take an exceptional charge of £1M to operating
profits for the period to 30th September 2000 in respect of the prior year
impact of these issues.
Based upon the unaudited interim accounts to 30th September 2000, Kenwood's
comparable sales were 13.6% higher than the corresponding period for 1999.
Profits before tax and exceptionals are anticipated to be £0.4M compared to
losses of £0.2M in 1999/2000.
Kenwood's interim results will be published on Friday 24th November.
For further information:
Citigate Dewe Rogerson Tel: 020 7638 9571
Simon Rigby
David Nolder
Alex Brown