FTSE 250-listed packaging and cigarette tip business Essentra has appointed PwC as its auditor for the audit of the financial statements for the year ending 31 December 2017 onward
The appointment earned incumbent KPMG £1.5m in 2015, up from £1.4m in 2014. The audit of the company’s full accounts came to £300,000, while auditing its subsidiaries came to £900,000. Other services generated £300,000.
KPMG had held the audit since its appointment in 2005, according to Accountancy's FTSE 250 Auditors Survey.
In October, Essentra announced it had appointed Paul Forman, chief executive of threads and zips manufacturer Coats, would take up its CEO post in January. The company’s stock market value had fallen more than 25% on the back of a profit warning in the third quarter of 2016.
The chairman of the Essentra’s audit committee, Terry Twigger, said: ‘We thank KPMG for their strong contribution as the Company's auditors over many years and for the current year. We look forward to working with PwC for the 2017 financial year.’
