888 to delay 2019 results release following FCA guidance

iGaming operator 888 Holdings is to delay the publication of its full-year results for 2019, after the Financial Conduct Authority (FCA) requested all listed businesses observe a two-week moratorium on the publication of preliminary financial results.

The operator, which was due to public its preliminary results for the year to 31 December tomorrow (24 March), will instead confirm a new date for the results in due course, subject to any further FCA guidance.

Yesterday (22 March), the FCA said the novel coronavirus (Covid-19) pandemic had created “unprecedented practical challenges” for listed businesses and auditors, and the practice of issuing preliminary financial statements ahead of audited results was adding unnecessary additional pressure.

“The FCA notes that the practice of issuing preliminary financial statements is common among UK-listed companies but is not required by either the Listing Rules or the Transparency Directive,” the regulator explained. “Rather, the requirement is that companies publish full audited financial statements within four months of the financial year end.

“The FCA further notes that it is common to publish preliminary financial statements considerably earlier than the four months permitted for the filing of full financial statements.”

It also advised listed businesses to revise reporting timetables to ensure due consideration was given to the pandemic in preparing disclosures and addressing practical challenges. This will be supported by a package of measures currently being devised by the FCA alongside the Prudential Regulation Authority.

The guidance only applies to companies listed on the London Stock Exchange’s Main Market, and not those on the Alternative Investment Market (AIM).