An unexpected interference from the UK’s financial watchdog today, as the Financial Conduct Authority suggested what it called a “moratorium” on London-listed companies issuing preliminary results announcement because they might prevent them giving a clear impact of Covid-19 on their business.
The Financial Reporting Council went further, encouraging companies to “to consider carefully whether they should delay other corporate reports for the next two weeks, such as interim financial statements and final audited financial statements”.
The messages caused some confusion among listed companies preparing to report in the coming days, which are now working out whether their own announcements should be delayed. Companies due to report audited or preliminary full-year results in the coming two weeks include Impact Healthcare REIT, Regional REIT, Henry Boot and Property Franchise Group.
With falls of close to 4% for the FTSE 100, 250 and 350, most property players were trading down. The day saw intu Properties close at a record low of 3.9p, down by 11%. Rival shopping centre owner Hammerson dropped by a fifth to 82p.
British Land closed down 6.6%, while Landsec dropped by 5.7%. SEGRO was down 1.6%.
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