• Home
  • History
  • News
  • Business
    • Business News
    • Business Mag
  • Sport
    • Football
    • NAFC
    • Cricket
    • Durham Wildcats
    • American Football
    • Baseball
    • Rugby
    • Youth Football
  • Features
    • Blog
    • Picture Galleries
  • Community
    • A.T People
    • Services Directory
  • Video
  • Contact
  • Advertise
Aycliffe Today
Aycliffe Today
  • Home
  • History
  • News
  • Business
    • Business News
      Getting To Know You – Carol Gaskarth

      Getting To Know You – Carol Gaskarth

      You’re Hiyed! The CIC that’s breaking down job barriers

      You’re Hiyed! The CIC that’s breaking down job barriers

      Getting Human Resources back to basics – with HR2day’s free audit offer

      Getting Human Resources back to basics – with HR2day’s free audit offer

      Aycliffe Business: Issue 73

      Aycliffe Business: Issue 73

    • Business Mag
      Aycliffe Business: Issue 73

      Aycliffe Business: Issue 73

      Aycliffe Business: Issue 72

      Aycliffe Business: Issue 72

      Aycliffe Business: Issue 71

      Aycliffe Business: Issue 71

      Aycliffe Business: Issue 70

      Aycliffe Business: Issue 70

  • Sport
    • Football
      Aycliffe Youthy round-up

      Aycliffe Youthy round-up

      Aycliffe stay third with 4-0 away win

      Aycliffe stay third with 4-0 away win

      Aycliffe go top with four wins from first four games

      Aycliffe go top with four wins from first four games

      Unbeaten start for Sports Club

      Unbeaten start for Sports Club

    • NAFC
      League campaign returns for Aycliffe after summer changes

      League campaign returns for Aycliffe after summer changes

      More new signings as Aycliffe prepare to welcome Darlington in friendly

      More new signings as Aycliffe prepare to welcome Darlington in friendly

      New arrivals as Newton Aycliffe FC prepare for 2025-26

      New arrivals as Newton Aycliffe FC prepare for 2025-26

      Aycliffe FC celebrate record season with club awards night

      Aycliffe FC celebrate record season with club awards night

    • Cricket
      Aycliffe Cricket round-up

      Aycliffe Cricket round-up

      Aycliffe Cricket round-up

      Aycliffe Cricket round-up

      Aycliffe Cricket round-up

      Aycliffe Cricket round-up

      Aycliffe Cricket round-up

      Aycliffe Cricket round-up

    • Durham Wildcats
      WILDCATS FIGHTBACK TO SECURE CUP WIN

      WILDCATS FIGHTBACK TO SECURE CUP WIN

      WOLVES EDGE IT AGAINST WILDCATS

      WOLVES EDGE IT AGAINST WILDCATS

      DURHAM WILDCATS 73, GLASGOW ROCKS 99

      DURHAM WILDCATS 73, GLASGOW ROCKS 99

      WILDCATS SLAY LIONS AGAIN

      WILDCATS SLAY LIONS AGAIN

    • American Football
      WARRIORS BEAT AMERICAN HIGH SCHOOL

      WARRIORS BEAT AMERICAN HIGH SCHOOL

      WARRIORS START SEASON IN STYLE!

      WARRIORS START SEASON IN STYLE!

      WOODHAM WARRIORS VICTORIOUS

      WOODHAM WARRIORS VICTORIOUS

      WARRIORS COACH TO TRAIN GB SQUAD

      WARRIORS COACH TO TRAIN GB SQUAD

    • Baseball
      Aycliffe Cricket round-up

      Aycliffe Cricket round-up

      COUNCILLORS 'PITCH' FOR LOCAL SPORTS CLUB!

      COUNCILLORS 'PITCH' FOR LOCAL SPORTS CLUB!

      SPARTANS UP FOR TOP AWARD

      SPARTANS UP FOR TOP AWARD

      NEWTON AYCLIFFE SPARTANS AT WOODHAM

      NEWTON AYCLIFFE SPARTANS AT WOODHAM

    • Rugby
      Aycliffe fall to heavy defeat against league leaders

      Aycliffe fall to heavy defeat against league leaders

      Aycliffe notch up another loss in local derby

      Aycliffe notch up another loss in local derby

      Rugby: Aycliffe in bottom two after Whitley Bay defeat

      Rugby: Aycliffe in bottom two after Whitley Bay defeat

      Aycliffe return to winning ways with hard-fought victory over Bishop

      Aycliffe return to winning ways with hard-fought victory over Bishop

    • Youth Football
      Aycliffe Juniors round-up

      Aycliffe Juniors round-up

      Aycliffe Juniors round-up

      Aycliffe Juniors round-up

      Newton Aycliffe Juniors round-up

      Newton Aycliffe Juniors round-up

      Aycliffe Juniors round-up

      Aycliffe Juniors round-up

  • Features
    • Blog
      Covid-19 crisis update from your MP

      Covid-19 crisis update from your MP

      ‘Now we must move forward’ says MP

      ‘Now we must move forward’ says MP

      Business Advice: Cash Flow

      Business Advice: Cash Flow

      The Aycliffe Blue Blog

      The Aycliffe Blue Blog

    • Picture Galleries
      Picture Gallery: Duke of Kent visits Ebac

      Picture Gallery: Duke of Kent visits Ebac

      PICTURES: Hitachi Opening Ceremony

      PICTURES: Hitachi Opening Ceremony

      PICTURES: ROF 59 in progress

      PICTURES: ROF 59 in progress

      PICTURES: Ayclife dancers in national finals

      PICTURES: Ayclife dancers in national finals

  • Community
    • A.T People
      Spring 2015

      Spring 2015

      December 2014

      December 2014

      Aug - Sept 2014

      Aug - Sept 2014

    • Services Directory
  • Video
  • Contact
  • Advertise
  • Follow
    • Facebook
    • Twitter
    • Youtube
Home
Business

TESCO PROFITS DOWN 92% AS CHAIRMAN QUITS

October 24th, 2014 Martin Walker Business 0 comments 2157

top banner

tesco

The chairman of Tesco is to stand down after Britain’s biggest retailer reported a 92% fall in pre-tax profits and revealed that the accounting black hole in its profits is larger than expected.

Britain’s biggest retailer said in its half-year results that the black hole in its profits was £263m, larger than the £250m initially forecast.

Sir Richard Broadbent, chairman of Tesco, said he would stand down once new chief executive Dave Lewis has established his strategy for the company, which is likely to be next year.

He said: “My decision reflects the important principle of accountability on behalf of the board and will support the company to draw a line under the past as it enters the next phase of its development.”

Shares in Tesco tumbled by 6% in early trading after the company published its results.

Clive Black, analyst at Shore Capital, said: “We can never recall a period so damaging to the reputation of the company.”

Tesco has been rocked by the biggest crisis in its history after the discovery of a black hole in its profits. The retailer said that accounting firm Deloitte has completed an investigation into the scandal, which will now be handed to the Financial Conduct Authority, the City regulator.

The company has declined to comment on the causes of the black hole, saying it will leave the FCA to establish where the responsibility lies.

Sir Richard said that Mr Lewis is now considering a range of strategic options and potential asset sales to help Tesco bounce back from the scandal and a sharp fall in UK sale.

The chairman said: “He is reviewing all aspects of the group in order to improve its competitive position and deliver sustainable returns.

“Consideration will be given to all options which increase flexibility and create value for customers and shareholders.”

The Telegraph understands that Tesco is considering a spin-off of its Asia business.

Tesco reported that pre-tax profits fell by 92% to £112m. This was on the back of the accounting scandal, but also a 4.6pc fall in like-for-likes in the UK.

Tesco has suspended eight executives, including UK boss Chris Bush, as part of the investigation into the black hole. They will remain suspended as the FCA investigates Tesco.

Mr Lewis said Tesco is “operating in challenging times”.

He added: “Trading conditions are tough and our underlying profitability is under pressure.

“We do however face these challenges from a position of market strength and I have been heartened by the team’s welcome and their determination to stay focused on doing the very best for our customers.

“Whilst my review of the whole business continues, three immediate priorities are clear: to recover our competitiveness in the UK, to protect and strengthen our balance sheet and to begin the long journey back to building trust and transparency into our business and brand.”

 

top banner

Share it!

Facebook Twitter Google+ LinkedIn Pinterest
Next article PD PORTS BAG 3-YEAR ALLPORT DEAL
Previous article STRIKER BYRNE RE-JOINS HOMETOWN CLUB

Related News

Getting To Know You – Carol Gaskarth Business
August 4th, 2025

Getting To Know You – Carol Gaskarth

You’re Hiyed! The CIC that’s breaking down job barriers Business
July 23rd, 2025

You’re Hiyed! The CIC that’s breaking down job barriers

Getting Human Resources back to basics – with HR2day’s free audit offer Business
July 21st, 2025

Getting Human Resources back to basics – with HR2day’s free audit offer

LATEST VIDEO

This week on A.T

Aug 7th 7:06 PM
Community

PCP chief executive named finalist for prestigious North East charity award

Aug 5th 3:23 PM
Sport

League campaign returns for Aycliffe after summer changes

Aug 5th 9:16 AM
Community

Aycliffe charity leaf-ing a lasting impact on the environment

Aug 4th 1:53 PM
Sport

Aycliffe Cricket round-up

Aug 4th 9:22 AM
Business

Getting To Know You – Carol Gaskarth

Jul 24th 2:06 PM
News

Young people encouraged to share views on crime

Jul 23rd 8:25 AM
Business

You’re Hiyed! The CIC that’s breaking down job barriers

Jul 22nd 1:32 PM
News

Measures to control HMOs to be considered

Jul 22nd 12:58 PM
Sport

More new signings as Aycliffe prepare to welcome Darlington in friendly

Jul 21st 4:25 PM
Business

Getting Human Resources back to basics – with HR2day’s free audit offer

Recommend
Follow @AycliffeToday
  • Home
  • History
  • News
  • Business
  • Sport
  • Features
  • Community
  • Video
  • Contact
  • Advertise
  • Back to top
© Aycliffe Today 2019. All rights reserved.
Developed by Thrive