Shares of Manchester industrial chain and power transmission firm Renold plc fell about 6% on Wednesday after it announced that publication of its results for the year ended March 31, 2021, will be delayed.
“Further to the announcement of 28 May 2021, the group’s auditors, Deloitte LLP, have requested additional time to complete their audit processes,” said Renold.
“As a consequence, the company will not publish its results for the year ended 31 March 2021, on 17 June 2021, as previously advised, and will issue further guidance as to the new announcement date in due course.
“The investor presentation scheduled for 5.30 pm on 17 June 2021 will also be postponed.
“The board confirms that trading for the year ended 31 March 2021 was in line with its previous expectations and that expectations for the current year are unchanged.”
On May 28, Renold had said: “The company announces a revised date for the publication of its full year results for the year ended 31 March 2021.
“Following a request from its auditors, Deloitte LLP, as a result of the impact from Covid-19 remote working, the disruption caused by the resurgence of the new Covid-19 variant in India and in order to provide Deloitte sufficient time to complete the audit process, the company’s final results will now be published on 17 June 2021.
“Trading for the year ended 31 March 2021 has been in line with the board’s expectations, as announced in the company’s trading update on 14 April 2021.”