Announcement - Annual Financial Results update
The Praxis Group has delayed the announcement of its annual financial results for the year ended 30 April 2019 by one month to 30 November 2019.
This is due to a delay in the audit process of a small acquired corporate services subsidiary that represents less than 4% of the Group's anticipated revenue together with a decision by the Group to consolidate the reporting of its employee benefit trust (EBT).
As part of the Group's regulatory requirements The International Stock Exchange has been kept fully informed. Under TISE Listing Rules the year end results for 30 April 2019 were due to be released by 31 October.
Chief Executive Officer Cees Krijgsman said the overall results are in line with expectations and the Group's growth over the past two years.
'We have completed a number of acquisitions since 2017 and as part of the first full year audit of one of the smaller businesses we have identified an audit process issue relating to the reporting of completeness of revenue' said Mr Krijgsman. 'We continue to work closely with our auditors BDO to resolve the issue and are looking forward to sharing our results by the end of November.'
Furthermore sufficient technical factors were identified during the year-end process which indicated that the Group had 'de-facto control' of the EBT in line with the definitions within the accounting standards. The Group Board therefore decided to consolidate the EBT which has contributed to a one-off delay in the preparation of the accounts.