UK Upstream Delay 2019 Results
Responding to UK Financial Conduct Authority order, upstream companies RockRose and IGas have delayed publication of their 2019 reports, they said March 23. IGas said it would, at the FCA's request "observe a moratorium on the publication of preliminary financial statements for at least two weeks." The publication of its final results will be delayed pending further advice, it said.
RockRose, which was due to publish its results March 26, said it would observe the moratorium. It will provide further information on a revised timetable when it has had guidance from the FCA and other regulatory authorities is available.
The FCA said March 21 that the practice of issuing preliminary financial statements in advance of the full audited financial statements is adding unnecessarily to the pressure on companies and the audit profession at this moment.
"Investors in capital markets rely on trustworthy information on the companies whose instruments they trade. The unprecedented events of the last couple of weeks mean that the basis on which companies are reporting and planning is changing rapidly," it said, explaining its request.
The FCA said that preliminary financial statements, although common among UK-listed companies, was not required by either the stock exchange listing rules or the Transparency Directive.