Kalamazoo 'breaches' hit shares
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Kalamazoo Computer Group's shares plunged 22p to a three-year low of 77.5p yesterday following a profits warning, resulting from the discovery of "certain breaches" of internal control within the UK business solutions division.
Two operational managers at the division have been dismissed but are not being named for legal reasons. They left in the "last 10 days".
A brief statement by the company said the "division's management accounts do not reflect accurately its performance". A review of the breaches and internal controls is being conducted internally and with the assistance of auditors Deloitte & Touche.
Analysts had predicted a rise in profits to pounds 7m, but now expect the full-year result to remain unchanged at pounds 5.9m.
The company said the rest of its activities, particularly within the continental European computer division and the security print division, had performed in line with or ahead of expectations.
Kalamazoo said it would declare a final dividend not less than the 1996 final payout of 3.05p a share when preliminary results are announced around 26 June.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments