Hercules Plc (HERC): FY25 audit delay and suspension

This situation live

£28m · 37.5p · −14% since the first step

22 May 2026 · Accounts published with qualified audit opinion; suspension lifting · −23% until the next step the Board recognises that some gaps in audit evidence remain and that, in some cases, the audit trail is incomplete.

Legal & regulatory

FY25 audit delay and suspension

CFO change during control remediation

SEP30 Next: Remediation of audit control issues due; CFO handover to Gary Fraser

Every step · 4

23 Mar 2026 Audit in final stages; deadline will be missed – the Company's ordinary shares will be temporarily suspended from trading on AIM with effect from 7.30 am on 1 April 2026 pending release of its FY25 Accounts. ↗
22 May 2026 Accounts published with qualified audit opinion; suspension lifting – the Board recognises that some gaps in audit evidence remain and that, in some cases, the audit trail is incomplete. ↗
5 Jun 2026 Accounts published; extended audit costs hit H1 – Continued strengthening of governance, systems, controls and processes to support the Group's increasing scale and complexity following a period of strong... ↗
1 Oct 2026 CFO change during control remediation – Gary will join Hercules on 4 January 2027 and Paul will remain with the Company during a handover period until 31 March 2027 to ensure a seamless transition. ↗

What is happening

Hercules Plc: FY25 audit delay and suspension – CFO change during control remediation. ['CFO change during control remediation']

In short: The FY25 audit overran in March 2026, shares were suspended from 1 April, and accounts were published on 22 May with a qualified audit opinion on training and consultancy spend. Remediation was due by 30 September 2026. On 1 Oct 2026 the CFO's retirement and the appointment of Gary Fraser from 4 Jan 2027 were announced. The finance function therefore changes hands after the control failure.
Announced: 23 Mar 2026 · Audit in final stages; deadline will be missed
Latest: 1 Oct 2026 · CFO change during control remediation
Remediation: Remaining work expected complete by 30 September 2026
Suspension: Expected to be lifted 7.30 a.m. on 22 May 2026
Board view: Items not individually significant; Board satisfied the queried expenditure was properly incurred
Next milestone: Interim results mid-June 2026; webinar 28 May 2026
Cost impact: Additional professional fees from the extended FY2025 audit weighed on H1 underlying EBITDA
CFO leaving: Paul Wheatcroft retires; stays until 31 March 2027 for handover
New CFO: Gary Fraser joins 4 January 2027 from Tetra Tech Europe
Announced: CFO succession announced 1 October 2026

Remediation of audit control issues due; CFO handover to Gary Fraser (30 Sep 2026).

From the company's own announcements. Not investment advice.

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What it does, how it got here, what management promised and delivered – written from its own announcements.

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