Quindell results delayed
According to reports, Quindell has said its 2014 results will not be published before the end of June due to the ‘complexity of the process’.
Alliance News Ltd reports Quindell said it is, ‘working through the outstanding points’ and said the accounts will be published as soon as possible and said its shares will continue to be suspended until that time.
Under stock market rules, companies must publish audited accounts within six months from the end of their financial year — in Quindell’s case, 31 December 2014. They must also hold an annual meeting, for which at least 21 days’ notice must be given.
The move is another challenge for Quindell which has seen the Financial Conduct Authority launch an investigation of the company under the Financial Services and Markets Act – a move the company said it would ‘co-operate fully’ with.
It follows an earlier review conducted by PricewaterhouseCoopers into Quindell’s accounting policies which found that its practices had been at the ‘aggressive end of acceptable’. In response Quindell declared it would adopt ‘more conservative’ policies in future but warned that it would mean profit and revenue in 2014 would be lower and said the changes will hit its 2013 results, which will be restated.