Red faces at Blacks Leisure

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Red faces at Blacks Leisure

Created:: 18 March 2008
Updated:: 27 March 2008
Written by:: Amanda Vermeulen

Outdoorwear retailer Blacks Leisure has suspended Darren Spurling, boss of its Sandcity subsidiary, after discovering that Sandcity's performance had been overstated by £2m. Consequently, pre-tax profits in both 2008 and 2009 will be £1m lower. Sandcity will also be merged with another Blacks operation.

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HighEnough

At 122p, Blacks shares look temptingly cheap. But wait for the results of the Sandcity investigation, to ensure no more nasties emerge from the accounts. High enough.

Last IC View: Fairly priced, 269p, 26 Oct 2007

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-IC-1.3.1-prod - 15/07/2008 11:19:53 - FurseJ