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Diageo delays publication of full-year results
Johnnie Walker owner Diageo has postponed announcing the preliminary results for its 2020 fiscal year due to the “practical challenges” of working from home.
Diageo owns blended Scotch whisky brand Johnnie Walker
Diageo’s results for the year ended 30 June 2020 were due to be published on 30 July, but this has now been push back by five days to 4 August.
The UK-headquartered group said the decision follows recent guidance from Britain’s regulatory body, the Financial Conduct Authority, on corporate reporting timetables as a result of the Covid-19 crisis.
The delayed announcement will provide Diageo and its auditors, Price Waterhouse Coopers (PWC), with enough time to finish preparing and reviewing the results, which have been challenging due to remote working, the group said.
Diageo will hold a conference call for investors and analysts on the morning of 4 August 2020. The group has also delayed the publication of its Annual Report 2020 by two days, which will now be released on 7 August.
This week, the group pledged US$100 million to help bars and pubs worldwide recover from the impact of the Covid-19 pandemic.
In April this year, Diageo withdrew its guidance on net sales and operating profit for fiscal 2020 due to “uncertainty” over how the pandemic has hit the group.
Earlier this year, Diageo registered an organic net sales increase of 4% to £7.2 billion (US$9.3bn) for the final six months of 2019.
Diageo is not the only company to delay publishing its results. In March 2020, mixer producer Fever-Tree postponed announcing its preliminary results for at least two weeks due to the coronavirus pandemic.