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Troubled recruitment company Hat Pin has suspended trading in its shares following a second profit warning due to ‘various accounting errors’.
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The errors are expected to further exacerbate poor results for 2007 after a trading statement released on 21 January warned profits would fall 25 per cent below expectations. The impact on Hat Pin’s accounts will only become clear once an ongoing audit is completed.
If that's not enough reason for investors to worry, chief executive Angela Campbell-Noe and finance director Paul Billett – who were brought in two years ago to turn the company around – have expressed intentions to formally resign upon announcement of the full-year results. As such, non-executive chairman, Terry Hitchcock has assumed the role of executive chairman.
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