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Cake Box acknowledges errors in annual results as shares slide

By Michele Maatouk

Date: Monday 24 Jan 2022

Cake Box acknowledges errors in annual results as shares slide

(Sharecast News) - Cake Box noted the slump in its share price on Monday and cited recent commentary from a retail investor blogger regarding transcription errors in its full-year results.
The cake retailer acknowledged "some transcription errors" between its 2021 full year results announcement published on 30 June 2021 and the 2021 annual report and accounts.

It also noted "inconsistencies in prior period inventory reporting and comparative period disclosures relating to director interests in franchise stores".

However, it insisted the errors should have no impact on reported profits, cash flows or balance sheet and that it had received "a clean audit opinion for the year".

"As previously announced and as we continue to grow the business, a key priority for the board remains underpinning growth with the appropriate level of experience and expertise for the group's central functions, internal controls and processes," it said. "BDO has also been appointed to assist with implementing improved internal audit practices."

Cake Box said trading in the second half has remained strong and in line with expectations for the full year.

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