EOH shares plummet as group delays publication of financial results - TechCentral

EOH shares plummet as group delays publication of financial results

In a move that is unlikely to be well received by investors, EOH Holdings said on Wednesday that it will delay publication of its interim financial results by three weeks.

The results, for the six months ended 31 January 2019, had been expected to be released on 26 March. They will now be published on 16 April.

The group’s share price fell sharply on the news, and was trading down 10.2% shortly after it informed investors about the delay.

In a statement, EOH said it is delaying publication of the results to allow newly appointed group financial director Megan Pydigadu “to complete a financial review arising, in part, from the changes to the group’s strategic direction”. Pydigadu joined EOH on 15 January.

“This includes a review of assets and projects across the group’s diverse business and geographic portfolio and will inform the requirement for a trading statement in terms of the JSE listings requirements,” it said.

Review

“The group financial director is engaging with the group’s auditors on these matters,” EOH added.

“Review of the statement of financial position (balance sheet) is an integral part of the strategic process, as mentioned in the CEO 100-day update on 11 December 2018, to ensure that the investments in various tangible and intangible assets are appropriately valued and the new IFRS (accounting) standards applicable for FY19 are appropriately applied.”  — (c) 2019 NewsCentral Media

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