Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Tesco    TSCO   GB0008847096

TESCO (TSCO)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets
OFFRE ETE Zonebourse : Jusqu'à 6 mois offerts sur tous les portefeuilles

Tesco : Former Tesco chairman not alerted to likely profit miss, court hears

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/08/2017 | 10:01pm CEST
FILE PHOTO - Former Tesco chairman Richard Broadbent leaves an office, after the announcement of the company's interim results, in the City of London

LONDON (Reuters) - The former chairman of Tesco said he did not recall Carl Rogberg, finance director of its British operations, raising any red flags in the summer of 2014 to indicate that the retailer was likely to miss profit forecasts.

Richard Broadbent, who chaired Tesco from 2011-2015, was giving evidence at the trial of Rogberg and two other former senior executives of Britain's biggest retailer, who are accused of fraud and false accounting in 2014.

Rogberg, 50, who was UK finance director, Christopher Bush, 51, who was managing director of Tesco UK and John Scouler, 49, who was UK food commercial director, all deny any wrongdoing and have pleaded not guilty.

The case centres on Tesco's Sept. 22 2014 announcement to the stock exchange that its profit forecast had been overstated by 250 million pounds, mainly due to booking commercial deals with suppliers too early.

Tesco's disclosure that day saw its shares tumble and plunged the company into the worst crisis in its near 100-year history.

Lead prosecutor Sasha Wass told the court last month that all three defendants were well aware that a hole in Tesco's accounts was "spiralling out of control" in the first half of 2014 but connived to conceal their failure to meet targets.

Rogberg was a member of a committee that was overseeing Tesco's finances until a new finance director joined in September 2014, the court was told.

Broadbent said he did not recall Rogberg raising any concerns about profit targets at an August meeting of the committee.

He said he "certainly didn't recall being told" there were any issues that indicated the targets would not be met.

Broadbent told the court he was aware that trading conditions were tough, and he said he also "would have been interested" if Christopher Bush had raised any concerns about the forecasts to him.

"I don't have a recollection of Chris saying to me that we are going to miss those targets," he said.

The court has previously heard that Amit Soni, a senior accountant at Tesco who is described by the prosecution as a whistleblower in the case, had commissioned a detailed report which showed how around 250 million pounds of income had illegitimately been "pulled forward" in Tesco's accounts.

Broadbent said on Wednesday he had not previously heard any hint that income was being pulled forward.

Soni eventually passed the report on to Kay Majid of Tesco's legal team.

Chief Executive Dave Lewis then became aware of the report and dealt with it as an emergency.

He contacted Broadbent, who was on holiday in Rome, on the evening of Sept.19.

Broadbent returned to the UK on Saturday morning, he told the court, and he chaired board meetings throughout the weekend before a statement was issued to the stock market on Sept. 22.

The trial is expected to last beyond Christmas.

($1 = 0.7628 pounds)

(Reporting by Paul Sandle and James Davey)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on TESCO
06/18TESCO : How Tesco helps community groups to bloom
PU
06/18TESCO : England are set to be world champions – in the beer stakes
PU
06/15BARRATT DEVELOPMENTS : Tesco pledges to end all-white board
RE
06/15BARRATT DEVELOPMENTS : Britain's Tesco pledges to end all-white board
RE
06/15TESCO : Result of AGM
PU
06/15TESCO : Result of Tesco PLC AGM
PU
06/15Tesco raises pressure on rivals with new price cuts
RE
06/15TESCO : 1Q Sales Boosted By Booker Acquisition -- Update
DJ
06/15TESCO : Supermarket chain Iceland sees first-half earnings slowdown this year
RE
06/15TESCO : 1Q Group Like-For-Like Sales Increase 1.8%
DJ
More news
News from SeekingAlpha
04/30Sprint And T-Mobile Unite Forces (Wall Street Breakfast Podcast) 
04/30WALL STREET BREAKFAST : Week Begins With Flurry Of Dealmaking 
04/30Walmart's Asda confirms Sainsbury merger 
04/11Tesco's (TSCDF) CEO Dave Lewis on Q4 2017 Results - Earnings Call Transcript 
04/11Tesco PLC 2018 Q4 - Results - Earnings Call Slides 
Financials ( GBP)
Sales 2019 63 827 M
EBIT 2019 2 114 M
Net income 2019 1 251 M
Debt 2019 2 468 M
Yield 2019 2,05%
P/E ratio 2019 19,27
P/E ratio 2020 15,98
EV / Sales 2019 0,43x
EV / Sales 2020 0,41x
Capitalization 24 892 M
Chart TESCO
Duration : Period :
Tesco Technical Analysis Chart | TSCO | GB0008847096 | 4-Traders
Technical analysis trends TESCO
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 2,64  GBP
Spread / Average Target 3,7%
EPS Revisions
Managers
NameTitle
David Lewis Group Chief Executive Officer & Director
John Murray Allan Non-Executive Chairman
Antony John Hoggett Chief Operating Officer
Alan James H. Stewart Chief Financial Officer & Executive Director
Guus Dekkers Chief Technology Officer
Sector and Competitors
1st jan.Capitalization (M$)
TESCO21.77%33 044
SEVEN & I HOLDINGS CO., LTD.3.82%39 626
SYSCO CORPORATION10.14%34 849
AHOLD DELHAIZE12.35%29 817
WOOLWORTHS GROUP LTD7.14%28 561
CP ALL PUBLIC COMPANY LIMITED--.--%21 880