Corporate NewsWPP Scangroup Shares Rally Despite Delay in Publication of Half Year Results

WPP Scangroup’s share price gained 54.4% at the Nairobi Securities Exchange, four days after publishing its delayed 2020 results. The stock is currently trading at Kes 5.56, rising from Kes 3.6 recorded the last week on Tuesday.

The rally started on Wednesday when Scangroup published its financial statements for the year ended December, which showed the Marketing and communication company reported a 22% loss in the group revenue for the year 2020  from continuing operations to Kes 2.239 Billion from Kes 2.872 Billion reported in the same period in 2019.

The new share price rally signals that investors now have clarity on the firm’s true financial position and are confident about its prospects; this has seen its market value rise by Kes 445 million to Kes 2 billion.

The company did not declare a dividend; however, it made a record payout of Kes 8 per share in the form of a special interim dividend based on the windfall from the Kantar deal.

WPP Scangroup to Delay Publication of Half-Year Results

WPP Scangroup board of directors has notified shareholders and the investing public over the ongoing delay in publishing its unaudited financial statements for the half-year period ending 30th June 2021, which were due on 31st August 2021.

“This is due to delay in publishing the financial statements for year ended 31st December 2020 as a result of ongoing investigations previously announced following management changes at the Company,” said the WPP Scangroup Board of Directors in a statement.

The audited results for the financial year ended 2020 were subsequently published on 1st September 2021.

The Board said it would publish the unaudited financial statements for the six months ending 30th June 2021 on or before 30th September 2021.

WPP Scangroup has also scheduled its 15th Annual General Meeting(AGM) virtually on Thursday 30th September 2021 at 11.00 am. The marketing firm has made a special proposal to write off losses in subsidiaries against funds already accumulated in its balance sheet, which will be considered in its upcoming annual general meeting.

 

 

 

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