Glisten probe to delay results

SNACKS and sweets group Glisten has confirmed that it will have to delay its year-end results until a independent review of its accounting and reporting processes has been completed.

The group, which has a major operation in Blackburn, announced in June that it had suspended two senior directors and that its full year results would be below previous expectations following “apparent failures in accounting practice and management process” of one of its divisions.

“As a result of an internal audit triggered in mid-June, apparent failures in accounting practice and management process were uncovered in Halo Foods, the largest part of our Fruit & Cereal Snacks Division (FCSD),” it said.

Today the food manufacturer said that although auditors Ernst & Young were well into the review it would not conclude until early September. A new date will be notified in due course.

Any discussion with banks over renewed and restructured facilities will also have to wait until the external review is completed. Glisten said it expected these discussion to be completed in October.

Glisten, which was founded in Blackburn in 2001, has said its  results for the year ended June 30 will be below previously announced expectations.

The group now expects pre-exceptional pre-tax profit to be £3.4m, half that achieved last year.