S&N's profits to be restated

HEINEKEN is set to restate profits for newly-acquired brewer Scottish & Newcastle by as much as 10 per cent, after finding variations in the way the accounts are compiled.

Executives are said to have been meeting analysts to warn them to expect a restatement of S&N's UK accounts when Heineken reports half-year results next month. There is no suggestion that S&N's finance team acted outside accounting regulations, but there are differences in the way the two firms prepare their accounts.