FTSE 250 company swaps Deloitte for GT auditors
The FTSE 250 Company Interserve is to change their auditors from Big 4 firm Deloitte to Grant Thornton.
The change of auditors is as a result of the introduction of the new UK and EU audit rules. These new rules require companies to put their audit out to tender at least every 10 years. Read more in our previous blog New EU Audit reforms passed in European parliament. The new rules are to encourage greater competition in the audit market.
Interserve are a multinational support service and construction company. The firm announced in March of this year that it had concluded its formal tender process for a statutory audit contract. Following a competitive tender process Grant Thornton was chosen as the firms new auditor replacing Big 4 firm Deloitte. Deloitte had been the company’s auditors for 15 years.
Grant Thornton’s appointment as auditors will be subject to approval of the shareholders at the companies AGM in May.
Interserve reported a gross revenue of £3.1bn, with profit after tax of £55m and a workforce of more than 75,0000 worldwide in its annual report for the year ended 31 December 2013. The latest results also showed that operating profit had increased 11% to £86.7m.
Interserve group finance director Tim Haywood stated in 2010 that the company had promised it would double earnings per share by 2015. Haywood was also keen to tackle the pension deficit at the company. In December 2011 the pension defict was £150m, with Haywood insisting he would rid the company of that deficit by 2019.
He has made in-roads to that effect with the deficit now standing at £5.9m for the year ended 31 December 2013, a drop from £77.8m in 2012.
Other movement in the audit market include
Ernst & Young set to lose Weir Group audit
Big 4 firm wins FTSE 250 Derwent audit
Barclays replace PwC as auditors after 120 years
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