888 Delays 2019 Results Release Following FCA Guidance

888 Delays 2019 Results Release Following FCA Guidance

March 31, 2020
Staff Writer
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Leading iGaming operator 888 Holdings has delayed the release of its results for the year 2019. The decision came after the request that FCA (Financial Conduct Authority) issued earlier this month.

The Authority requested that all businesses observe a two-week moratorium on the publication of preliminary financial results. 888 was going to publish the results on the 24th of March 2020. However, there has been a change in plans. The company will announce a new date in due time. Until further notice, we don’t know when the results will go public.

Changes due to Covid-19

According to the press release from the FCA, the novel coronavirus brought about “unprecedented practical challenges for businesses and auditors”. The practise of disclosing preliminary results would just add unnecessary pressure.

The regulator explained the decision.

“The FCA notes that the practice of issuing preliminary financial statements is common among UK-listed companies. But it is not required by either the Listing Rules or the Transparency Directive.”

They added:

“Rather, the requirement is that companies publish full audited financial statements within four months of the financial year end.”

Results Can Wait

The authority stated that it is common practice to release preliminary financial results way earlier than required. The businesses have 4 full months to unveil the report. The regulator also advises the listed business to revise reporting timetables. It is all with the aim of ensuring that they give due consideration to the current pandemic.

As it asserts practical challenges, firms have to work accordingly. The FCA is currently devising a package of measures that will support the ventures. It is important to note that the guidance applies only to companies listed on the London Stock Exchange’s Main Market. Those on the Alternative Investment Market (AIM) are not part of the alterations.

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