Most companies in this results season are delivering reassuring updates, but can investors trust the numbers? Tesco’s issues have not only rattled its own shareholders; across the market, analysts wonder how widespread accounting concerns might be.

Growth is scarce and chief executives are under pressure to deliver. This has put more emphasis on presentation but recent results reveal a worrying pattern of favourable adjustments to reported profits. This practice can mislead, distorting share prices. Regulators need to step in with stronger guidance on adjustments and presentation.