Next 15 Group delays financial results as it discovers 'complex fraud' at Bite North America

Next 15 Communications Group has said that it has delayed the release of its financial results report due to the discovery of ‘complex fraud’ in its Bite North America subsidiary.

A statement, released this morning by the group, explained that it was due to report its financial results for the previous year on Tuesday 6 November, but while in the final stages of the audit, it learned that it had been the victim of ‘a complex fraud’ involving a senior member of the Bite North America finance team.

The company has now delayed the release of its report while an investigation is held, which is expected to take four weeks, and is understood to be looking into ‘a case of personal embezzlement’.

The FBI has been informed and is working with auditors BDO and Kroll to investigate the financial irregularities the company has discovered.

“Thanks to the strong overall performance of the Company, the business retains a strong balance sheet and does not see this fraud impacting the ability of the Company to carry on its activities or make the investments it had planned for the coming year,” the statement added.

The company also claimed that the issue had ‘no impact on the underlying trading’ of the group and that it expected to report results in-line with market expectations.

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