StockMarketWire.com - Eddie Stobart Logistics said suspended trading in its shares and announced that Alex Laffey would stand down as chief executive as the company investigated a probe into an accounting error. The company also said it would review its dividend.

The update comes after the transport logistics company revealed a £2m discrepancy in its accounts in July.

The company said the impact of the accounting error on adjusted earnings (EBIT) was unclear, but added that it was likely to be 'significantly lower than anticipated at the time of the half year trading update on 9 July 2019.' '

'As a result, the board also intends to review the group's current dividend policy,' it added.

Sebastien Desreumaux, currently CEO, iForce and head of contract logistics, would take over as chief executive, and was expected to be appointed to the board in due course, the company said.

The company's results for the half year to 31 May, due to be released next Thursday, would now be delayed, the company added.

At 9:59am: [LON:ESL] Eddie Stobart Logistics Plc share price was 0p at 71p



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