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Carr’s Group PLC on Tuesday said there will be a delay to the publication of its final results as trading remained in line with expectations.
Shares in Carr’s Group were trading 9.2% lower at 102.79 pence each in London on Tuesday around midday.
The machinery distributor and engineering firm’s results will be delayed for ‘independence reasons’.
Carr’s Group’s auditors, Grant Thornton UK LLP, were relying on an audit undertaken by Mitchell Charlesworth, statutory auditors of Carr’s associate company Carrs Billington Agriculture Operations Ltd.
Grant Thornton said it can ‘no longer place reliance on that audit’. As a result, a separate audit for CBAO is required for completing the wider group’s audit.
Carr’s Group says it has ‘actively explored all options for completing the second audit of CBAO in the required timescales’. However, it said ‘no practical solution has been identified’.
The expected completion date for the group’s audit and publication of its final year results is now mid-January 2023, later than the 3 January 2023 deadline required by the UK Financial Conduct Authority.
As a result, the group expects that it will request the listing of its shares to be temporarily suspended from January 4. The company intends to request a restoration of the listing of its shares on publication of its audited results.
Carr’s Group also issued a trading statement, saying its performance in financial 2022 was in line with the board’s expectations and ahead of last year.
Trading for continuing group operations in the current financial year has ‘started well’, the company said. Trading has been in line with expectations and ahead of financial 2022.
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