Superdry shares suspended after audit delays
The retailer and clothing brand had been required to publish its results for the year to April by a deadline of Tuesday August 29.
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Your support makes all the difference.Fashion business Superdry has had its shares suspended after delays to publishing its latest financial results.
The retailer and clothing brand had been required to publish its results for the year to April by a deadline of Tuesday August 29, in line with stock market rules.
However, on Wednesday, the firm said it was unable to meet this and has therefore requested for the shares to be suspended by the Financial Conduct Authority (FCA) on the London Stock Exchange.
The delay is a result of normal procedures taking longer than anticipated during the first year that RSM are auditing the company
Superdry added that it is continuing to work with its auditor, RSM, to complete “the final technical points” related to the audit of its accounts.
“The board confirms that the delay is a result of normal procedures taking longer than anticipated during the first year that RSM are auditing the company,” Superdry said in a statement.
It said it expects to publish the results by the end of this week and therefore see its shares restored.
It comes amid a difficult 2023 for the retail business, which has seen the value of its shares cut by more than half since the start of the year.
Superdry had been looking to secure extra funds since April to boost its finances as subdued consumer demand pressed on sales.
Earlier this month, the group secured an extra £25 million in funding from Hilco Capital, which owns Homebase.