Of the FTSE 100 companies that were due to announce financial results throughout April and May, a number have confirmed they will be postponing until a later date as a result of the coronavirus pandemic.
The Financial Conduct Authority (FCA) issued a statement on 26 March 2020 recognising the unprecedented challenges faced by companies and their auditors in preparing audited financial information and granting listed companies an additional two months to do so.
SUMMARY OF DECISION
|Auto Trader Group||1 April 2020 – In an update on the COVID-19 crisis, Auto Trader announced it will delay releasing its full year results for the financial year ended 31 March 2020, with a new date to be announced in due course. The announcement was initially scheduled for 4 June 2020.
The company noted that the FCA “have allowed and even encouraged companies to utilise the additional two months offered to enable auditors more time to complete work and make a clearer assessment on forward looking statements”.
|Compass Group||23 April 2020 – In an update on COVID-19, the company announced that: “In order to provide enough time to prepare and review financial information in the current climate, the interim results will now be published on 20 May 2020 rather than 13 May 2020 as originally scheduled”.|
|Halma||21 April 2020 – Within an update on the impact of the COVID-19 pandemic, the group shared that it expects to release its preliminary results on 14 July 2020. It included that this date had “been agreed in consultation with our auditors, PricewaterhouseCoopers LLP, and reflects the challenges of completing the audit of a geographically dispersed group given the travel restrictions and enhanced safe-working practices currently in place”. The results were initially scheduled for 11 June 2020.|
|Imperial Brands||17 April 2020 – Imperial Brands announced in a statement that it has revised the publication date for its interim financial results for the six months to 31 March 2020, stating that “in order to provide sufficient time to prepare and review financial information in the current climate, the interim results will now be published on 19 May rather than 5 May as originally scheduled”.|
|Intermediate Capital Group||15 April 2020 – The company has stated that it will release its results for the year ending 31 March 2020 on Thursday 4 June 2020, rather than the previously announced date of 19 May 2020. It included that this “is to ensure that, given the current environment and regulatory guidance, management, the Board and external auditors have sufficient time to complete their standard procedures”.|
|JD Sports||24 March 2020 – In an update on the impact of COVID-19, the company announced that the Board noted the FCA request for all listed companies to observe a moratorium on the publication of results for at least two weeks, and anticipated that this could be extended to cover the Group’s previously published reporting date of 15 April 2020. It then stated that the board “believe it is prudent to announce a delay now to the publication of the Group’s Results for the period to 1 February 2020”, including that “this revised date would also allow the Group to provide greater clarity of the impact of COVID-19 on the Group’s performance for the current year to 30 January 2021”. The revised date for the publication of results is not given, but it is suggested it will take place in the second half of May.|
|National Grid plc||16 April 2020 – The company announced that its preliminary full year results will be announced to the market on 18 June 2020, following a statement earlier in the month which confirmed that “following updated guidance from various regulatory authorities on challenges that companies and their auditors currently face in preparing audited financial information as a result of the COVID-19 pandemic, National Grid has reviewed its reporting timetable and we now aim to publish full year results in mid-June, with a planned date to be confirmed in due course”.|
|DS Smith||8 April 2020 – The company has announced that “following recent FRC guidance we expect to announce our results for the year ending 30 April 2020 on 2 July 2020”. This marks a delay of three weeks from the earlier scheduled date of 11 June 2020.|
|Smiths Group||27 March 2020 – The Group announced that it was “ready to release its interim results on 31 March 2020” but would be observing the moratorium on the publication of preliminary financial statements until at least 6 April 2020, put in place by the FCA. The company stated within this that it expected its interim financial results to be published on 6 April 2020, “subject to any further announcements from the FCA and FRC”. They were announced on this date.|
|SSE plc||27 March 2020 – The company shared that it had “agreed with its auditors, EY, that these practical steps they are both taking in relation to Covid-19 mean it will take longer to prepare and audit SSE’s financial statements for 2019/20”. As a result, SSE now aims to publish its full year results in the second half of June, “with a planned date to be confirmed as soon as possible”.|