Royal Mail owner IDS delays results amid takeover bid

23rd May 2024 14:13

(Sharecast News) - Royal Mail owner International Distribution Services said on Thursday that it has had to delay the publication of its full-year results - which were originally due on Thursday morning - after auditor KPMG requested additional time to complete procedures.

"The group's auditor, KPMG, has requested additional time to complete the usual standard procedures after their internal reviews were late in the audit timetable, thereby delaying their final audit process," IDS said in a brief statement.

The company confirmed that it expects adjusted operating profit for the 53 weeks to the end of March - excluding voluntary redundancy costs - to be broadly in line with previously published guidance.

"A further announcement on updated timings for the publication of results will be made as soon as reasonably practicable," it said.

IDS said last week that it was "minded" to accept a revised takeover bid by Czech billionaire Daniel Kretinsky which values the group at £3.5bn.

At 1410 BST, the shares were down 2.6% at 319p.