Wednesday, 6 December 2017

Poundland owner Bruno Steinhoff sees its shares crash by 60%

Poundland owner Steinhoff International has seen its shares fall 60% after it said it would launch a probe into accounting irregularities.

It came as chief executive Markus Jooste resigned and the South African group postponed its full-year results.

Its South African shares hit a seven-year low of 17.56 rand (97p) on the Johannesburg securities exchange.

Shares in the firm, which owns 40 local brands in more than 30 countries, later recovered to 22 rand, still down 52%.

As well as furniture and homeware, it also sells products including clothing, footwear and consumer goods.
Its brands include Bensons for Beds and Harveys in the UK, Conforama in Europe, Pep and Ackermans in South Africa and Snooze in Australia. Steinhoff derives about 60% of its earnings in Europe and 34% in Africa.

Bruno Steinhoff

BBC      News.