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Thu March 28 2024

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Inland Homes to miss results deadline

23 Mar 23 Trading in Inland Homes’ shares on the AIM market will be suspended next month because of its inability to published audited accounts in time.

Matthew Robinson, the new chairman of Inland Homes
Matthew Robinson, the new chairman of Inland Homes

The new directors of Inland Homes had been hoping to get the accounts for the year ended 30th September 2022 signed off by the 31 March 2023 to meet the deadline stipulated in the rules of the Alternative Investment Market (AIM). But they announced today that they still need more time.

Affairs have been complicated by a series of events, starting with the appointment of new auditors, PricewaterhouseCoopers (PwC), last year.

Inland Homes chief executive Stephen Wicks retired at the end of September; a replacement was recruited in December but went again in January.

On 1st March 2023 the company announced that it had “become aware of certain related party issues (which may or may not fall to be treated as related party transactions under the AIM Rules) of which the board was not informed at the relevant times”.  This accountancy jargon and does not necessarily imply either cock-up or conspiracy but does need sorting out.

At the same time as this discovery, all three non-executive directors – Simon Bennett, Carol Duncumb and Brian Johnson – quit the board.

Matthew Robinson and Trevor Sawyer have since been appointed to the board as independent non-executive directors. They have commissioned an independent report on the transactions in question and are considering an independent review of internal management procedures.

All of which means that the 31st March 2023 deadline will be missed.

The company said that it intends to request a restoration of trading in its shares on publication of its FY 2022 audited results.

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MPU
MPU

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