Steinhoff shares recover despite warnings over results as far back as 2015

Alys Key
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The owner of Poundland and Bensons for Beds is still investigating an accounting scandal (Source: Getty)

Shares in South African group Steinhoff staged a dramatic recovery in early trading today, despite a warning that it would need to restate results as far back as 2015 or earlier.

Shares climbed more than 20 per cent at one point, and were up over 15 per cent at time of writing.

The Poundland owner's shares plummeted in December after its CEO quit amid a probe into accounting errors.

Today the company said that the investigation into 2017 results was progressing, but that the audited financial statements would also need to be accompanied by restated results for 2015 and 2016.

It was also deemed likely that further restatements would be required for the years prior to 2015.

The company missed its deadline to report results at the end of last year, and said today that the timeline for completing the full investigation "remains uncertain".

The firm is currently under the leadership of its third chief executive in a matter of weeks, after two previous bosses stepped down in quick succession. Chief operating officer Daniel Maree van de Merwe has stepped up to take charge while Heather Sonn is acting chair of the company.

Read more: Moody's cuts rating of Poundland owner Steinhoff for second time in weeks

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