Travis Perkins share price edges higher as group announces change of auditor

on Mar 30, 2015
Updated: Oct 21, 2019
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Travis Perkins’ (LON:TPK) share price advanced this morning after the UK’s largest distributor of building materials became the latest blue-chip company to change its auditor. Travis Perkins announced today that it intended to appoint KPMG as its new auditor, replacing Deloitte LLP, which has been auditing the company’s books for over 30 years. “The Board wishes to thank Deloitte for its many years of service to the Company,” Travis Perkins said in a statement. It added that the move needs to be approved by the company’s shareholders at its annual general meeting on May 28.

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The switch is the latest amongst a rash of auditor changes by London-listed companies including British American Tobacco (LON:BATS), HSBC (LON:HSBA), Unilever (LON:ULVR), Whitbread (LON:WTB), J Sainsbury (LON:SBRY) and Vodafone (LON:VOD). The turnover is a result of new rules from the UK anti-trust regulator and the European Commission in the wake of the financial crisis, requiring companies in the FTSE 350 to re-tender for auditing business every 10 years. The changes came after auditors were criticised for not spotting issues within the financial services industry in the run-up to the financial crisis.
After rising more than one percent in early morning trading, Travis Perkins’ share price eased slightly, settling 0.67 percent higher at 1,942.00p as of 10:28 BST. The stock gained as much as two percent earlier this month after the building materials supplier announced plans to open 400 new branches in a £150-£200 million per annum investment programme over the next four years.
As of 11:16 BST, Monday, 30 March, Travis Perkins plc share price is 1,934.50p.

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