29th Jun 2015 06:30
LONDON (Alliance News) - Insurance technology and outsourcing company Quindell PLC on Monday said its results for the year to the end of December will not be published before the end of June due to the "complexity of the process".
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.
Back in May, upon completing the GBP637 million sale of its professional services business to Australian law firm Slater & Gordon, Quindell outlined the findings of a review conducted by accountancy PricewaterhouseCoopers into its accounting policies.
PwC found that Quindell's accounting practices had been at the "aggressive end of acceptable" and Quindell said it would adopt "more conservative" policies in future, though it warned this would mean its profit and revenue in 2014 would be lower and said the changes will hit its 2013 results, which will be restated.
Last week, the issues facing the company deepened further after the Financial Conduct Authority, the City regulator, said it has started an investigation of the company under the Financial Services and Markets Act.
Quindell said it will co-operate "fully" with the investigation, which has been initiated in relation to "public statements made regarding the financial accounts of the company" in 2013 and 2014.
The FCA said it would "liaise with other agencies...as appropriate" as it investigates. "Given the existence of an investigation, we will not be providing further comment," the FCA said in a statement.
By Sam Unsted; [email protected]; @SamUAtAlliance
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