Marketing and communication company, WPP Scan Group, and Nairobi Business Ventures will delay the release of their 2020 full-year results until 31st August according to separate statements issued by the two companies.
The largest marketing and communication group in Sub-Saharan Africa, WPP Scan Group, is delaying the release of its financial results for the third consecutive time due to ongoing investigations against its former Chief Executive Officer, Mr Bharat Thakrar and the former Chief Finance Officer, Mr Satyabrata Das.
In an emailed statement, WPP Scan Group said, “The Board of Directors of WPP Scangroup PLC wishes to inform its shareholders and the public that the audited financial statements for the financial year ended 31st December 2020 are expected to be published on 31st August 2021.”
According to the media company, interrogations have taken longer than expected as a result of the extended scope of the audit by external auditors. WPP Scan Group directors and management said they are committed to a timely conclusion of the audit process.
Nairobi Business Ventures (NBV) said it would delay publishing the audited financial statements for the year ended 31st March 2021 due to the company’s ongoing acquisition process by Delta International FZE. NBV moved the publication date from 31st July 2021 to 31st August 2021.
“This extension will allow NBV to comply with the Capital Markets Authority (CMA) Code of Corporate Governance Practices for Issuers of Securities to the Public (2015),” NBV said.
Some analysts have raised concern over the increasing trend of delaying publishing financial results by NSE listed companies. The analysts say that late publication of results erodes investor confidence.