Shares of Steinhoff Recover

Photo by Martin Pettitt/Flickr

In early trading today, shares in Steinhoff, a South African group, staged a dramatic recovery, despite a warning that it would be required to restate results as far back as 2015 or even earlier.

At one point, shares soared by over 20 percent at and were up by more than 15 percent at around 9 am today.

The shares of the owner of Poundland plunged in December following the resignation of its CEO amid an investigation into accounting errors.

The company said today that the investigation into 2017 results was already progressing. However, the audited financial statements would also require being accompanied by restated results for the period of 2015 and 2016.

It was also considered possible that further restatements would be needed for the years prior to 2015.

The firm missed its deadline to report results at the end of 2017. Today, it said that the timeline for the completion of the full investigation “remains uncertain.”

The company is currently under the leadership of its third chief executive in a span of weeks after two earlier bosses resigned in quick succession. Daniel Maree van de Merwe, its chief operating officer, has stepped up to be in-charge while Heather Sonn is acting as the chair of the company.

Read also: Rating of Steinhoff Cut by Moody’s Again