Publications
Partners
Healthcare company Ascendis Health's [JSE:ASC] share price dropped 7.16% to R3.85 on Wednesday afternoon after it released a statement on the SENS reporting platform in which the company said that it would push the release of its annual results to the end of October.
It is the second time it is announcing a delay, having said at the end of September that it would be announcing results on October 4.
Wednesday's statement said the rescheduling of the results announcement was due to "complexities in discontinued operations and new accounting standards".
This comes during a challenging year for the company, as Ascendis' operating profit as well as its share price dropped in March.
At the time, the company - whose brands include Bettaway, JungleVites, Solal and Reuterina - said its normalised headline earnings from continuing operations were impacted by higher expenses, depreciation and finance costs and declined by 6% to R351m. It has also been battling to service its debts.
In a SENS statement on Wednesday, Ascendis said that it could not immediately release its annual results for the year ended 30 June 2019 and that this would have to be postponed to the end of October, adding the apologies of management.
"Shareholders are advised that owing to complexities relating to the accounting treatment of discontinued operations and the implementation of new accounting standards, the group's annual results will now be released on or before 31 October 2019," the statement said.
The statement said details would soon be provided on the time for the release of the annual results on SENS as well as the investor presentation during the course of the month.
"Shareholders are referred to the previous cautionary announcement and subsequent renewals, the latest being released on SENS on 3 September 2019, relating to the proposed disposal of the Remedica business unit in Cyprus," the statement said.
The statement advised shareholders to exercise caution when dealing in Ascendis Health’s securities until a further announcement is made.
