Refusal, Reverberations, Reversals, Repair; Adler had it all. FY21 results review
- Emmet Mc Nally
Adler Group could be seen as something of a time dump of late, with a forensic investigation, the company’s responses therewith and a myriad of press reports just some of the examples of documents to which many hours could be dedicated with little reward. It is understandable, then, that the extended Q&A session during the company’s FY 21 results call on Tuesday simmered to moments of frustration on both sides as the sheer volume of ambiguity and uncertainty told. The company’s equity and bond prices tanked on Monday as news broke over the weekend of auditor KPMG’s refusal to offer an audit opinion, following the inclusion of a disclaimer of opinion in the company’s annual report. The losses have since been partially pared.